10 Signs You’re a Credit Card Addict

What's Hot

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

How a Mexican Tariff Will Boost the Cost of 6 Common PurchasesFamily

This Free Software Brings Old Laptops Back to LifeMore

How to Protect Yourself From the ‘Can You Hear Me?’ Phone ScamFamily

Report: Walmart to Begin Selling CarsCars

Is Your TV Tracking You? Here’s How to Tell — and Prevent ItAround The House

Trump Scraps FHA Rate Cut — What Does It Mean for You?Borrow

Where to Sell Your Stuff for Top DollarAround The House

11 Staging Tips to Help You Get Top Dollar When Selling Your HomeAround The House

8 Tuition-Free U.S. CollegesCollege

10 Overlooked Expenses That Ruin Your BudgetFamily

4 Car Insurers That Might Raise Rates Even When the Accident Wasn’t Your FaultCars

How to Invest If Trump Kills the ‘Fiduciary Rule’Grow

20 Simple Hacks to Make Your Stuff Last LongerAround The House

12 Surprising Ways to Wreck Your Credit ScoreBorrow

Having a hard time putting away the credit cards? Here are 10 signs that you may be addicted to the magic plastic.

For some, a credit card is just another wallet-burning mechanism, similar to cash, that must be used to satisfy some personal need or desire.

But what happens when the magic plastic is no longer available? Can you move on with everyday life without any interruptions? Or does your world suddenly come crashing down right before your eyes?

Here are a 10 distinct ways to determine if you are a credit card junkie:

1. You’re in denial

This may be one of the most prominent indicators that you are addicted to the magic plastic. If you have no idea how much the outstanding balances are and simply remit payments each month, there is a large chance that you’re in denial.

2. You can’t live without the magic plastic

If your credit card is lost and stolen, you find yourself in panic mode because your only source of disposable income is now out of reach. This clearly indicates that you may have a slight, if not obsessive, addiction to credit cards.

3. You constantly apply

Every time your balances get up there or you run across an irresistible credit card offer, do you apply? Perhaps this is a sign that your finances are going downhill and the almighty credit card will save the day. Wishful thinking, until reality sets in.

4. You pay bills any way that you can

Do you rob Peter to pay Paul or borrow money that you have no way to repay in order to cover your credit card bills? Or maybe you take out cash advances on your credit card with an exorbitant APR just to make ends meet?

Desperate times call for desperate measures, and perhaps it’s time for you to desperately seek help with your credit card addiction.

5. APR hikes and fees don’t concern you

It doesn’t matter what the fine print says; you’ve got to have the credit card. Even if it means paying fees up to your elbows, you’re not the least bit concerned.

6. Your debt is a secret

When the credit card debt conversation arises, you quickly change the conversation. And your partner may even be unaware of the balances you are carrying because you keep any correspondence from credit card issuers under wraps.

7. You engage in “good deal” shopping

If there’s a good deal, you absolutely have to take advantage, even if the magic plastic is the only form of paying. To make matters worse, you have a ton of idle items purchased during “good deal” shopping sprees lying around the house.

8. Your cash reserves are limited

Savings are a thing of the past because you deem them useless. After all, you have the magic plastic at your disposal, and that’s all you need.

9. Your balances are multiplying at an astronomical rate

You don’t think twice about swiping away for everyday purchases, even if you are caught in the minimum payment trap and insomniac interest has set in.

10. You’re completely tapped out

Have you maxed out all of your credit cards? Unless it is the result of some sort of financial emergency, (Houston) we have a problem. This clearly indicates that your everyday spending is out of control, as it clearly exceeds your income. And it’s time to crack the whip and get a handle on your financial habits.

I’m guilty … help!

Assuming you’ve spent the last few minutes examining the symptoms of credit card addiction and decided that you desperately need assistance, there are a few things that you can do to get everything under control.

1. Assess the situation

The first step is to take a step back to really assess the situation. Determine how much you owe to each of the creditors and disclose this on a spreadsheet along with the contact information, APR and minimum payment. And during this step, go ahead and give the creditors a ring to see if they’ll cut you some slack on the interest.

2. Toss the credit cards once and for all

Drum roll, please, for the most painful part of the process: cutting up your credit cards.

I’m almost certain that you’ll never get out of debt if you don’t take this step, so do yourself a favor. And no need to worry about not having an emergency fund intact; we’ll discuss that below.

3. Take control of your debt

After you’ve learned to live without your credit cards, it’s time to devise a debt management strategy that coincides with your spending plan. And if necessary, bring an accountability partner on board.

4. Establish an emergency fund

Doing so will alleviate the stress associated with not having a Plan B when you are confronted with an unexpected financial emergency. Check out this article to learn how to save $100 or more each month.

Digging yourself out of debt and being set free from a credit card addiction aren’t easy, but it’s definitely worth it.

Are you a recovering credit card addict? If so, what tactics did you use to win the battle? Let us know in the comments below or on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: Where to Sell Your Stuff for Top Dollar

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,839 more deals!