Credit card interest rates have soared averaging as of March This is a big jump from in It shows we need to stop using credit cards for daily needs By taking smart steps you can take back control of your money and avoid credit card traps this is How To Get Off The Cycle Of Using Your Credit Card Key Takeaways Understand the impact of high credit card interest rates and explore debt consolidation options to save on interest charges Establish a cash-based system to curb impulse spending and gain better visibility over your finances Consistently track your spending habits and allocate funds towards debt repayment saving and essential expenses Build an emergency fund to avoid accruing new debts during the debt repayment process Adopt a mindful approach to spending by avoiding storing payment information online and finding an accountability partner Reflect on Spending Habits Start by looking at how you use your credit card Write down what you bought how much it cost and why you bought it Sort these into positive negative or neutral categories This helps you see where you can change your spending It's about knowing what drives your spending This knowledge is key to using your credit card wisely Track Purchases and Motivations Record your spending for the last week or so Think about each purchase What did I buy How much did it cost What need or want was I trying to meet Could I have skipped this or found something cheaper Will I... Login to read full