With the credit crisis taking its toll, many people are cutting up their credit cards and electing to replace the empty space in their wallet with a Visa Debit Card. The temptation to use traditional credit cards is too strong in normal circumstances, let alone when times are as tough as they are today. Removing the temptation altogether seems to be the only intelligent solution, but, up until recently that meant forgoing purchasing online or over the phone. Financial institutions have finally taken notice of the massive consumer credit crises and have responded by creating a product that can eliminate debt. The product is called a Visa Debit Card, and it allows you to do everything you can do with a credit card, only you are spending your own money, removing the terrifying monthly credit card bill youandrsquo;re left wondering how to pay!
Research published by the Federal Reserve indicates that the size of total consumer debt in the United States has grown five-fold since 1980 ($355 billion) to 2001 ($1.7 trillion) and now in 2008 it sits at $2.6 trillion. The same study also states that the average household in 2008 has approximately $8,700 in credit card debt. This sobering fact is especially frightening during such turbulent economic times when jobs are not secure and there is no guarantee that you can pay off your credit card bill each month, let alone put a lump sum on an accumulating amount from previous bills.
According to the US Census Bureau, in 2005 there were 164 million credit card holders, of those individuals; they each had an average of 9 credit cards, with just over $12,500 in charges per year, per card holder. Statistics show individuals admit that they can not afford to pay their credit cards off in full at the end of each month. With data like this, it is clear consumers are not using credit cards wisely, resulting in accumulated debt that can cause huge stress and even bankruptcy.
Itandrsquo;s almost impossible to say no to an item you really want, especially when you (falsely) believe you have the means to purchase it, as is the case with a credit card limit. In the demanding busy world we live in today, it is also difficult to keep track of your spending, however with a Visa Debit Card, you cannot spend beyond your means, and you will be forced to take note of your purchasing patterns which can only have a positive result. Below are five suggestions on how to avoid getting into debt.
Tips for avoiding debt:
andbull; Cut up your credit card and replace it with a Visa Debit Card andndash; There are many companies offering Visa Debit Cards, find one that gives you the most benefits i.e. www.spendone.com that has no card delivery fee and does not require a bank account.
andbull; Budget andndash; Work out what you need, write a list and stick to it.
andbull; Shop Around andndash; Let your mouse do the walking and search around for the best price before you purchase.
andbull; Spend Wisely - Think seriously about whether you need the item you are about to purchase. Avoid buying on impulse, remember, you are not using credit, you are using your own money so spend it wisely.
andbull; Enjoy and Be Proud of Yourself andndash; When the end of the month arrives, enjoy not receiving a credit card bill and be proud of your new financial independence.

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