5 Bad Money Habits You Should Try To Break

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There is a huge difference between WANT and NEED. I only have two credit cards and they are as protected as any personal property. I do use American Express because it is a small fee - try late payments on other cards and their penalties, and it makes me evaluate the purchase in a different light. It is payable in full every month (except for large purchases which require extra consideration anyway). I realize not everyone can get this card but it is a good mental process to use with any card. The other transaction I am very leery of is automatic payments through my checking account. These are usually not set values (gas, water, phone, etc) and can really cause problems if not closely monitored and funds figured into monthly expenses.

Wookie of TX 9:06AM January 27, 2012

If you've come to this site then you probably are already in trouble. The best way to get out from under the mountain of debt is first cancel and shred those cards. Second change your focus of instant gratification for yourself and get involved helping those people around you in need. This will replace that feeling you got while splurging with true happiness. Third , change your way of thinking that has got you in your current situation by reading books by those that have obtained wealth by thinking outside the box. Finally, find a solid way to create passive income with the least amount of risk. Work smarter not harder.

LS 1 of PA 10:40PM November 17, 2010

I have never even thought about using a credit card as a loan. When I first had a department store charge account when I was 19 I was making a very low salary,so when I charged a new bedroom chest to my account I couldn't wait to pay it with my brand new checking account.In those days department stores offered 90 days of free credit. I believe they wanted to provide a service to customers,along with free deliveries. What happened to that business model? Is usury now the new way of making money? Call it what you will, providing service and value is no longer the goal in exchange for income and profit. You get what you sow.

Aileen of NJ 10:21PM November 17, 2010

cool i allways wanted a bat mobile.

dave of NY 10:17PM November 17, 2010

When James commented that "no debt means more freedom than most people realize" is soo soo true!! Right now "impulsive" buying ( I deserve this, I had a bad day, it will somehow make me happy/feel better) has gotten me huge debt with just 1 card. You may think 1 cards not so bad..............but that one card is right now keeping me from having that "freedom" James spoke of to move on to another job and better things in my life!
Great advice James!! It REALLY is freedom!

sunquilter of VA 10:14PM November 17, 2010

I cannot stand having any debt. So, my wife and I (especially me) do whatever it takes to keep/get us out of debt. No debt means more freedom that most people realize.

James Doran of WA 7:32PM November 17, 2010

From my years of experience in advising young adults on how to build a good credit score, and how to manage credit card purchases and repayment, I have termed those who say "everyone has credit card debt" credit card demons. It goes along with the old adage that misery loves company. No, not everyone has credit card debt, and no, not everyone who does have credit card debt is satisfied with the interest they must pay or the stress that those slowly dwindling balances causes.

Juna Keever of KS 5:46PM November 17, 2010

ROBIN always suggests to pay off the cards monthly. I'm doing this and before you know it I will have saved enough in intrest and fees to use it to purchase a new BAT MOBILE!!!!

Einreb of KS 5:32PM November 17, 2010