Cash Really is King

I read a story in the Atlanta Journal Constitution yesterday about a couple who climbed their way out of $83,000 worth of credit card debt. By the way, that's no typo on the dollar figure of their debt. I was amazed and thought to myself how anyone could get themselves into that much debt. I applaud their efforts in shaving down their debt and are now spending with cash. I know some people who use their credit cards and pay the balance off each month and this is smart. But, not everyone can and it doesn't take long for the balance to creep up with interest to where the minimum monthly payment is all that can be paid each month. By using cash, you're more aware of just how much money you have for purchases. Simply knowing that you can reach into your wallet and use a credit card is an easy way to begin the cycle of debt. Don't fall into that trap, use cash instead. You don't need to carry around wads of cash in your wallet, that's not safe anyway. I suggest carrying enough to pay for the purchases on your list. If you see a 'must-have' while shopping and don't have enough cash to buy it, think about it a day or two before heading back to the store to buy it. By then, you may not even bother.