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Cutting Up Credit Cards

Regular Contributor

Cutting Up Credit Cards

In an effort to manage my debt, I am cutting up (not closing) a few of the credit cards that I have balances on in an effort to reduce my debt. I must say I get tempted to buy things, especially this holiday season. 

 

This method has worked for me with my Orchard Mastercard. I will continue to keep my NFCU cards; however, this is just a method that I prefer.

 

Is there anyone else out there that has done this that would like to share?

Message 1 of 9
8 REPLIES
Valued Contributor

Re: Cutting Up Credit Cards

Years ago I didn't cut mine up, I put the ones I wanted to resist in a safe deposit box, so I had to think before I could swipe.

 

Recently a friend (with stellar credit even) has told me he was afraid to transfer a balance for lower interest (he's been getting 0% offers in droves, 18+ months) in that he was afraid he might run up balances on the freed up cards. I told him some tricks to avoid it. One, like above, the safe deposit box route. Another, put them in a ziplock, remove as much air as possible, then put that in an ice cream container half full of water, stick in freezer, freeze, then fill with more water to about 2 inches from the top, freeze again and to use them you have to get them out of the ice, melt and chip etc (a note saying "DO NOT MICROWAVE-SEVERE DAMAGE" might not be a bad idea lol). The urge will be gone probably before you can get to them. Or another, wrap in sturdy plastic, wrap that with half a roll of duct tape, before you can get through the tape, the urge will probably fade.

 

I didn't have too much of a problem with self restraint back then, nor now. I still carried cards with me, just fewer so I had to plan better (traveling for sales and marketing at the time).  I've only recommended the scissors route to someone who was really worried they'd go a bit wild with them (we all have impulses and it's easy to forget sliding a card is peeling cash from a roll of bills and fast).

Message 2 of 9
Established Contributor

Re: Cutting Up Credit Cards

Guess I am lucky, I alway have the want for a new card, but never to use them.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Message 3 of 9
Frequent Contributor

Re: Cutting Up Credit Cards

The credit card in the freezer...sound like some wild Soprano marfia hit, i like it, i like it...


5/30/15 EQ 596; TU 605; EX 580.
10/17/16 EQ 632; TU 656; EX 647
Message 4 of 9
Valued Member

Re: Cutting Up Credit Cards

My method is just to put them at the top of my closet ... i'm only 5'1'' so the thought of even having to try and get them turns me off lol i'm too lazy to go through the work of getting up there ... haha...

Message 5 of 9
Frequent Contributor

Re: Cutting Up Credit Cards

Serious Quinn 5'1...that is hilarious...


5/30/15 EQ 596; TU 605; EX 580.
10/17/16 EQ 632; TU 656; EX 647
Message 6 of 9
Valued Member

Re: Cutting Up Credit Cards


birjest wrote:

Serious Quinn 5'1...that is hilarious...


5'1'' and a HALF Smiley Very Happy

Message 7 of 9
Valued Member

Re: Cutting Up Credit Cards

i have used the freezer trick myself. helps with impulse buys, sucks when you need for emergency car repairs Smiley Happy




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In the Garden, trying to avoid the Christmas temptation. Last app 9/2012
Message 8 of 9
Contributor

Re: Cutting Up Credit Cards

I just give mine to my wife. Talking her into giving it back is worse then waiting for ice to melt. She hates using credit.

Might not be a good solution for everyone though...

 

Set em up with something small and automatic like hulu plus, make sure you can pay them online [set up account], make sure you you dont have them on a store account like amazon, then shred em.... best way imho.

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Message 9 of 9