The Ultimate Guide to Credit Cards
Sunday, July 14, 2024

Could You Be Addicted to Credit Cards?

Could You Be Addicted To Credit Cards
John Schmoll

Written by: John Schmoll

John Schmoll
John Schmoll

John P. Schmoll is a longtime veteran of the financial services industry who authors personal finance guides on topics ranging from the wise use of credit to strategies for saving money and building personal wealth. His work has been featured on Forbes, Yahoo! Finance, CNBC, Fortune, Lifehacker, Investopedia, Lending Tree, and his personal blog, John shares financial tools and tips to help his audience enjoy the freedom that comes from living frugally and responsibly.

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Edited by: Lillian Guevara-Castro

Lillian Guevara-Castro
Lillian Guevara-Castro

Lillian Guevara-Castro brings more than 30 years of editing and journalism experience to the CardRates team. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct journalism instructor at the University of Florida. Today, Lillian edits all CardRates content for clarity, accuracy, and reader engagement.

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With one look at statistics, it would be easy to think that credit card addiction is widespread in our society.

After all, when you see the average debt per card over $8,200, it is easy to see that credit cards can be a problem – but is it really an addiction?

Credit cards can make buying painless

When I struggled with credit card debt, it seemed so painless to swipe that little piece of plastic. It is almost a mindless act, as virtually most retailers have card readers.

When we do swipe, there is little feeling to it. It is said that paying with cash is the most painful because you actually see the money slip through your fingers. You don’t experience this with credit cards.

The credit card allows you to buy whatever item you choose to buy. You do not truly pay for that item for a month, which creates painless spending.

What is the underlying issue?

It is easy to see the statistics and think credit cards are a blight on society.

But credit cards are a tool that can be used to manage your finances, stretch your budget or even earn rewards. But like any tool, they could harm you (financially) if used incorrectly.

The problem grows when you use this tool to aid your spending addiction. You can become enslaved to your spending.

“The problem grows when you use

this tool to aid your spending addiction.”

That was the case for me years ago, but the credit cards were not the problem. The problem was a lack of contentment, and credit cards allowed me to fill that empty void with spending.

How do we solve this?

One might read this and think the message is, “go out there and use credit cards all you can — credit cards are perfectly harmless.”

That, however, is not the intent. Credit cards can do many things – many of which can be harmful.

I encourage you to look at why you you’re overspending and take steps to control that spending. If credit cards play a part in that, stop using them. They’re likely only aiding your spending ways.

From personal experience, I know it’s difficult to control this addiction — but it is possible. Once you deal with that, then you can move on to things like budgeting.

These new ideas will help you manage your spending and make your money work for you instead of the other way around.

If you’re ready to accept the responsibility and have a profound need for temporary cash, then you may be ready to open new credit card.

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