8 Ways to Quit Using Credit Cards

1. Reduce your credit card limit

Senior credit cardLightField Studios / Shutterstock.com

The bigger the credit card limit, the more room to spend, spend, spend. So, consider voluntarily lowering your credit line.

, a certified financial planner at Main Avenue Financial Services in Beaverton, Oregon, recommends asking a credit card company to reduce the available credit to a small amount — such as $250 or $500.

“This way, a person has to regularly check their credit card balance, transfer funds from checking to pay it off, and then continue to use it,” he says.

Jamison notes that while the credit card company might be reluctant to reduce your limit, “it can be done in most cases.”

You also need to ask the credit card company to hold your available credit at the new credit limit. If you don’t, the lender might increase the limit over time.

Popular Articles

6 Tips to Age-Proof Your Resume
6 Tips to Age-Proof Your Resume

Finding a job isn’t easy — and it sometimes feels like too much experience actually counts against you. These tips will help.

How All 50 States Tax Your Retirement Income
How All 50 States Tax Your Retirement Income

Find out which states are friendly, and not-so friendly, with the money you’ll need in your later years.

7 Reasons You Should Rent a Home in Retirement
7 Reasons You Should Rent a Home in Retirement

Renting is a better fit than owning for many retirees. Here’s how it can pay off during your golden years.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Trending Stories

Comments

897 Active Deals

More Deals