Don’t Use Your Credit Card Like Britney Spears

Some time ago, celebrity blogs went abuzz when Britney Spears’ credit card bills were leaked to the public. If there’s anything at all that the world can take away from it, it’s that the multi-millionaire pop superstar is actually quite modest in charging stuff to her credit card.

Granted, some of us would probably kill to be able to have the “modest” means to charge  $60,000 worth of clothing and merchandise to our own credit accounts, but anyone can see that Britney’s 11-month total of $112,000 in credit card debt is not quite what anyone would expect from a Hollywood celeb like her.

BUT if we consider the fact that A-listers such as her probably have the biggest luxury brands begging her to “wear” their creations, then it all makes perfect sense.

So how do we avoid being buried deep in credit card debt and save ourselves from the humiliation of being chased across heaven and earth by those persistent debt collectors?

 

credit cards

By Brett L. under CC BY-SA 2.0

 

Learn what makes you tick

One reason behind people overspending is the tendency to shop as a way of overcoming feelings of sadness, frustration, or anger. But in most cases, the mere idea of having the power of credit in your hands triggers some major impulses that cause us to forego all reason when we are, say, online shopping or / and “window shopping.” Understand the reasons for your own impulses first so you can face them head on.

Leave your credit card at home

If you have a hard time stopping yourself from swiping every time you see a nice scarf or blouse on display, it might be better if you do not bring your credit card along with you.

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Plan your purchases

If you are going shopping, make a list of what you plan to purchase and enter the store with a mindset that you will not buy anything else. Set a budget that would not cripple you in debt over the next five years or so. If you find yourself making an excuse for an item that is not on your list, you know you are in deep trouble.

Remember your priorities

Here we can take a page out of the book of Britney Spears’ credit card spending habits. If you look at her leaked credit card bills, you will notice how most of her spending went to furniture, clothing, groceries, and her car. These are her priorities. Having a credit card can be convenient for you too if, for instance, you need a laptop computer, or need to upgrade your wardrobe. BUT only if they are priorities. Believe it or not, your credit card can even be an effective budgeting tool.

You are free to enjoy the benefits and freedom that comes with having a credit card, as long as you make sure to pay your monthly dues on time and know how to manage your purchases and payments. And please, don’t splurge $2,000 on your phone bills. Only Britney can do that.

By Michael Vincent

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