Cut Down on Plastic: Use Only One Refillable Credit Card

There is very little doubt that one of America’s major problems today is the huge buildup in credit card debt. In the years of profligate and reckless lending, credit cards were virtually thrust on people and the seduction of what seemed like unlimited credit was hard to resist. Living well beyond one’s means has unfortunately become a way of life. Not only is credit card debt one of the most expensive forms of debt but credit card companies  earned over $93 billion last year in late payment fees and penalties.

All of us must immediately discipline ourselves to live within our means and that means no more credit card debt. Using plastic has become such an integral part of our way of life that switching to cash is going to be extremely painful. Nevertheless, this has to be the starting point in the process of reorganizing personal debt to make it more manageable.

It is now possible to achieve this switch easily and retain most of the advantages of credit card use without going head over heels into debt. The solution is to use one single refillable credit card also known as a prepaid credit card or a reloadable credit card. These cards operate much like debit cards do except that they are not linked to a bank account. Instead, you load money onto a card and then use the card for merchant transactions or to withdraw cash from ATMs. As the balance runs down, you can top it up by depositing cash with the issuer or with the help of your bank account. You just need to check that the merchants with whom you normally shop accept the card that you choose. Once you have done this, you can simply cut up your existing plastic.

Take control of your life and get a handle on your debt problem today.