Getting unhooked from credit

by Angela Marquis on August 28, 2015

unhookedWe all want to live debt free.  That pile of bills each month is a constant strain on our paycheques and worry on our mind.  However you might be surprise to learn that getting unhooked from credit is actually more of a personal path than a set of rules to follow, and what works for one may not wocreditrk for another.  Before we help fashion a personal plan it’s important to consider what got you into debt in the first place.

The 3 Credit Weaknesses to consider:

  1. The dream of success:   We look at our neighbors and friends driving nice cars, using the latest cellphone, and living in a beautiful home and believe we are entitled to own those things as well.  We need to ask ourselves if that is the best attitude toward possessions.  We all deserve nice things, we just need to be buying them on your own terms, not those of the credit departments.  Most people don’t want to hear that.   Telling yourself you can’t afford something, can make you feel unsuccessful, and fears we may never be able to afford something can lead us to purchase on credit.  People don’t stop and consider keeping up with the Jones’s, or in most cases, an impression of what the Jones’s have, will only lead to more debt.
  2. Allowing money more power over us than it deserves: I read an article that said money means more to people than simply spending and saving, and that the two words best describing money for most are shame and pride.  People lacking money felt shame and those who had it felt pride. So at times we spend money to buy pride.  By tracking your spending and watching your spending habits, you can be honest with yourself about your priorities.  That doesn’t mean we can’t buy nice things, but instead save and wait a bit longer to get them.
  3. Feeling important when using a credit card: In today’s society having a gold or platinum card is a status symbol, it’s a ticket to a better life that people without that card can’t access.  Even commercials advertising credit cards market to people as if those people were wealthy and it’s as easy as a swipe of your card to get what you want.  Credit cards are convenient payment tools when used responsibly.  Making regular credit card payments can help improve your credit rating, and some credit cards even offer airline miles or cash rewards for purchases.  But beware your spending doesn’t get out of control and monthly payments and accumulated interest become a problem.

Don’t get hooked up on credit based on weaknesses and poor choices, consider debt as a risk and using credit can be an illusion of success.  Having credit can hook you into feeling wealthy at times but it also can make you feel depressed when the bills arrive.  If you can’t unhook yourself from credit and don’t see a way out of debt, filing a bankruptcy or a consumer proposal may help you get the fresh start, call us at 310-PLAN. 

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