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New Jersey bankruptcy: The freedom of living without credit cards

Many people in New Jersey may be wishing at this moment that they didn't have credit card debt and could live without credit cards. There are those who believe that our society has been led to believe that we can't live without credit cards and some people are actually scared to do it. Anyone who has been through a bankruptcy may already know what it's like to live without credit cards and wishes more people also knew the freedom it can bring.

So how do people who can't file for bankruptcy get rid of their credit card debt? Budgeting is essential. The budget will have to include a concrete amount each month that will go toward paying off existing credit card debt. Another amount will need to be set aside to build up some savings to provide the "cushion" that credit cards used to provide.

As credit cards are paid off, the next decision that will have to be made is whether to cancel the cards. Cancelling paid off cards can affect credit score, but if there are other lines of credit such as a car loan or mortgage, the impact may be minimized. Some people are able to leave their credit card accounts open and not use them. It's a personal choice that each consumer would have to make based on financial habits.

It is possible to live without credit cards, and many people do it every day around the country and in New Jersey. For many consumers, not have credit cards has given them a freedom they did not have with credit cards. A lot of people had to live off credit cards during the recession and are now ready to be free of them. For consumers who are still struggling financially and aren't able to pay them off, bankruptcy could be a way to start fresh without credit cards.

Source:, "Here's How To Never Use A Credit Card Again," Jeff Hindenach, July 24, 2013

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