Anyone with a previous BK closing cards to avoid temptations in this economy?

[MAZDA3]

With the economy basically collapsing and people being laid off, and hours cut (myself 10 hours a week), is anyone who previously had a BK pre-emptively closing cards to avoid the inevitable temptation to overspend? I've closed three this week and lowered the limits on my remaining three. I just don't want to even entertain the thought that I might get back into debt.

[Anonymous]

Not me. I would rather have the cards there for an emergency. I have BK PTSD still when it comes to carrying balances but I'm not so afraid of bankruptcy that I'm willing to put myself at risk to keep myself from spending. If I have to file for BK again, it will suck, but I have cultivated relationships with some lenders that would allow me to bounce right back as long as I didn't burn them along the way. I worked hard to get the limits I have and I'm not giving them up willingly for anything. 

[Anonymous]

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@Anonymous wrote:

 I worked hard to get the limits I have and I'm not giving them up willingly for anything. 

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^this 

I paid my cards down $10k (even though the balances were all at 5.99%) because I want any lenders spot checking my reports to see a noticeable improvement since the downturn began.

I still owe about $13k split on two cards, but they're both under 30% utilization now. Going to let those balances ride and make double minimum payments while I go into savings mode.

[JR_TX]

Nope! Not me. My BK actually taught me an invaluable lesson and made me much much stronger in resisting temptations now! I treat credit cards as "Debit Cards + 25 days float" with cherry rewards on top! 

[vic6string]

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@Anonymous wrote:

Not me. I would rather have the cards there for an emergency.  

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You beat me to the punch with this one. I have a spreadsheet where I keep track of every single purchase so even though there is money in the bank, I know that whatever the bank shows means nothing, I go by the spreadsheet. If there is a grand in the bank but I have $800 on cards, then I have $200 as far as I am concerned. I know what it is to avoid collection calls. I know what it is to live paycheck to paycheck with nothing but cash. It's nice to know that if I need it, as a last resort, I have about 30k available to me on a handfull of cards that are currently all at $0.

[Anonymous]

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@vic6string wrote:

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@Anonymous wrote:

Not me. I would rather have the cards there for an emergency.  

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You beat me to the punch with this one. I have a spreadsheet where I keep track of every single purchase so even though there is money in the bank, I know that whatever the bank shows means nothing, I go by the spreadsheet. If there is a grand in the bank but I have $800 on cards, then I have $200 as far as I am concerned. I know what it is to avoid collection calls. I know what it is to live paycheck to paycheck with nothing but cash. It's nice to know that if I need it, as a last resort, I have about 30k available to me on a handfull of cards that are currently all at $0.

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Yeah I became an excellent budgeter between my BK and having to live on SSDI. If I have an emergency that forces me to use so much credit that I have to file for BK, I have bigger problems to worry about than just BK!

[Gmood1]

"Anyone with a previous BK closing cards to avoid temptations in this economy?"

Yeah, that's a NEGATIVE ghost rider.😂

If anything I've opened some more. 

It does take discipline. I didn't have the temptation before things started crumbling and I don't have it now.

But I understand, only you know you. If that what it takes, do what ya gotta do to keep from running up CC bills.

[kerplunk]

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@MAZDA3 wrote:

With the economy basically collapsing and people being laid off, and hours cut (myself 10 hours a week), is anyone who previously had a BK pre-emptively closing cards to avoid the inevitable temptation to overspend? I've closed three this week and lowered the limits on my remaining three. I just don't want to even entertain the thought that I might get back into debt.

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American Express Serve

[recoveringfrombk7]

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@MAZDA3 wrote:

With the economy basically collapsing and people being laid off, and hours cut (myself 10 hours a week), is anyone who previously had a BK pre-emptively closing cards to avoid the inevitable temptation to overspend? I've closed three this week and lowered the limits on my remaining three. I just don't want to even entertain the thought that I might get back into debt.

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Can you get your cards to a trusted friend/family member and remove the temptation without losing your cards permanently?

My BK was due to necessity items, so it wasn't a temptation to spend and more a need to eat and have a roof over my head.  Like @Anonymous I have PTSD from my BK.  I start to lose sleep if I carry a balance at all.  I hope I never lose this honestly.

[AverageJoesCredit]

There will be enough Lenders closing out our cards  to go around without us volunteering.  Just look up Synchrony today. Some will survive this virus economically,  some of us wont, in the end  we all must do what we must .