Do you feel sick every time you open your monthly credit card statement?  Or do you lie awake worrying about how you’re going to pay the minimum monthly payment on your credit card this month?  If so, you may be addicted to credit cards.

Credit cards are very easy to use and it can be even easier to become addicted to using them.  Before you know it, you’re using your card or cards to buy everything you want.  The problem is, by the time you receive your monthly statements, you may have forgotten exactly how much you spent that month!

So when you open your statement, you may feel sick to your stomach when you see the amount of the closing balance in black and white.  You may ask yourself, “How on earth can it be that much?”  And then when you go down the pages of items purchased, it all comes flooding back to you.

Even if you can afford to pay the minimum repayment amount, that’s not going to do much to clear the balance.  First of all, your payment will go towards that month’s interest charges and anything left over from your repayment will then go towards your balance.  You may be paying off less than two percent of the closing balance!  If you keep using your card, then your credit card balance will be even higher the next month.

If you’ve maxed out your credit cards then applying for a new card isn’t going to solve the problem.  If your application is approved, you will still have to pay at least the minimum monthly payments on your old card or cards.  And if you use your new card, you’ll be racking up even more credit card debt!

So what can you do?

It can be hard to break the grip of credit card addiction, but it can be done.  The simplest way is to cancel your credit card and cut it into tiny pieces.  You’ll still have to pay off your credit card debt, but at least you won’t be able to use the account again.  If you just cut up the card but don’t cancel the account, you can still use it for online shopping if you know your credit card number and expiration date.  And that will just add up to more credit card debt.

If you need to buy anything, use cash instead of plastic.  And try to pay off as much of your credit card balance as you can every month.  That way, you’ll be saving money on interest charges.

If it’s essential for you to have a credit card, then ring up the issuing bank and ask them to lower the limit – that’s if you have any available credit left on your card!  For example, if your limit is $9,000 and you have a closing balance of $7,600 you could ask the bank to lower the limit to $8,000.  And keep doing that each time you pay off another $500 off your card.  It may seem hard to do, but you’re helping yourself from getting into any more credit card debt by employing this tip.

So if you suspect you’re addicted to credit cards, there are things you can do to help yourself financially.  You just have to take a deep breath and do what’s financially responsible.