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Debt consolidation could be an option if cutting down card use isn't enough
01/07/2010
Credit card debt is something many consumers may rely too much on, and a recent column is challenging people to reduce their dependence on plastic.
Michelle Singletary, a writer for the Washington Post, has thrown down the gauntlet when it comes to using credit card debt. Her proposition? It comes down to not using credit cards and buying only necessary things for 21 days.
"It doesn't matter if you’re a good steward or a spendthrift; we all consume more than we need," Singletary wrote.
If they take her challenge, consumers should attempt to stick to purchasing only the things they need to get by, like food and medicine. People will also need to forget about eating out or buying that morning cup of coffee at a local cafe.
Furthermore, they need to cut out using both credit and debit cards, which make shopping too easy through making payment more convenient.
Though the 21-day experiment may work for some, other consumers may have already sunk themselves deep into debt. As a result, they may consider debt consolidation, which may help people pay off debt at a lower interest rate.
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