Your Credit Cards are Manipulating You…and How to Cut the Cord

It’s human nature to get emotionally attached to objects. Maybe for you it’s a seashell from your honeymoon thirty years ago. Or perhaps the tiny pink cap that your first child wore home from the hospital. For some, it’s that well-worn piece of plastic in the sleeve of their wallet. Even people drowning in six figures of debt find themselves unable to “cut the cord” not because of the credit (which had been cut long ago!) but because the bank was “so good to me” or “I’ve had it for so long.” Here are a couple of tips and things to think about when it comes to your Creditors that may make it a little easier to let go:

1. They are not your Friends.  Your credit cards are not your friends. Friends don’t charge unfathomable amounts of interest and expect payment every month. While no doubt filing a bankruptcy or any financial solution can be highly emotional, it’s important to see the process as sterile as possible. Emotions, and in this case, loyalty, can be a weakness. Credit card companies and collection agencies prey on your emotions co-mingling with your finances. A lot of people avoid the relief they could feel just because “I’ve had these credit cards for so long.” First, despite how long it’s been, you’re still not done paying the balances. Isn’t that funny how that worked out? Second, while you might have been with the first bank, they’ve probably gone through so many iterations that you don’t even remember who you originally signed up with. The credit card companies and financial institutions have no loyalty, so no reason that you need to be tied to your debt over it.

2. The Rewards are Not Real.  A lot of the time, the rewards are what keep people paying on the credit cards. However, the reality is that rewards are just another way to rope you along. Financial Guru Dave Ramsey has a great resource here that articulates the intricacies of the so-called “rewards.” These point systems string you along and make you think that you’re getting one over the credit card companies, but if you think that, think again. It’s really a way to entrench the relationship and make it more difficult to say good-bye.

3. You Don’t Need Credit. Running on a treadmill is great exercise but when you do it financially, it causes serious harm. What the credit card companies love to see is people get caught up in the loop of credit. This especially happens to people who pay once a month. What inevitably happens is that by the end of the month, cash becomes scarce. And who looks more attractive than the “frenemy,” Credit. If this sounds familiar, we have some great tips to break the cycle. Call today!

Say Goodbye to Your Credit Cards and Call the Shimotake Law Firm today at (312) 620-6499

When it comes to financial distress, friends are few and far between. That’s why you should call the Shimotake Law Firm, where our friendly attorneys are happy to lend you an ear.  We have the solutions that may be able to help your problem. Feel free to call or text “HELP” to (312) 620-6499.