Owning a credit card can be a double edged sword. On the one hand, credit cards are extremely helpful when it comes to building good credit. One the other hand, having one or multiple credit cards in your wallet can tempt you to spend more money than you make. The reality is that many people in Oregon are facing overwhelming credit card debt. If you are tired of being tied down by your debt, there are ways to live without credit cards.

If you are facing overwhelming debt, the first thing you should do is come up with a plan to reduce or eliminate that debt. This will require taking an honest look at your finances and devising a budget that will allow you to pay off your debt. If the amount of debt you have accrued is so large that you are struggling to make your minimum payments, filing for personal bankruptcy is an option. Bankruptcy may be able to wipe out all of your credit card debt, allowing you to start with a clean slate. 

Once you have found a way to manage your debt, you may be tempted to cancel all of your credit cards so that you do not overspend. One financial professional explains that this is not always a good idea, as it can stop you from building good credit. A better option may be keeping your cards but never using them. If you do decide to cancel your credit cards, you may want to look for other lines of credit, such as an auto loan or a mortgage.

The worst thing you can do with your debt is ignore it. If you are facing financial challenges, bankruptcy may be the right course of action. An attorney may be able to help you.  

Source: Business Insider, “Here’s How To Never Use A Credit Card Again,” Jeff Hindenach, July 24, 2013