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You are here: Home / Podcast Episodes / 020 MPSOS – Living Without Credit Cards Pt3

020 MPSOS – Living Without Credit Cards Pt3

By Steve Stewart on June 7, 2011

020 MPSOS – Living Without Credit Cards Pt3

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  • 020 MPSOS – Living Without Credit Cards Pt3
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Living Without Credit Cards takes more than just a pair of scissors and going cold turkey. This episode walks us through Step #3 to wean us off our dependency on plastic. Here is a recap of the steps so far:

Step 1 – Take your cards out of your wallet and put cash in your wallet instead.

Step 2 – Delete credit card numbers from your online accounts and use BillPay for online payments.

Photo by Martin Cathrae
Photo by Martin Cathrae

This Episode: Step 3 – Freeze your credit card accounts from any further charges and use the money you have been saving to build up your emergency fund.

Check your credit report if you have accounts that you can’t find or don’t know how to contact. To learn how to check your credit report for free, watch this Vid-torial: Annual Credit Report Vid-torial

 

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About Steve Stewart

Hello. My name is Steve Stewart and I HATE YOUR DEBT MORE THAN YOU. I believe everyone should be rich so they can help others in times of need. Life is too short to be this broke! Let's work together on designing a plan for your house of financial freedom. Don't be afraid to reach out to me - I'm here to help answer your call for help (S.O.S.) with a MoneyPlan.

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Comments

  1. Steve Stewart says

    June 8, 2011 at 7:15 pm

    That is a great question that I suspect will be brought up in one of the interviews I am going be on in the next few weeks. I will let you know where and when they have been posted in case you want to hear a more in-depth answer.

    But the short answer is: Debit is fine once you have control of your money. This series is geared towards those who are dependent upon credit cards, but to give them a step-by-step process to break the habit without going completely cold-turkey. If we only substitute the form of plastic then we lose the important lesson of how to spend less, live on cash, and pay attention to the spending.

    Thanks Alex! I hope you had a great trip.

Trackbacks

  1. sos043 Top 11 of 2011 says:
    February 24, 2016 at 12:40 am

    […] Episode #22: Living Without Credit Cards Part 4 (also Part 1, Part 2, and Part 3) […]

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