CBS: Before you ditch credit cards, think about this

Ditching your credit card may seem the route to go when you are trying to refrain from accumulating more debt, but not everything that seems helpful is that way; in the long run you may regret having dumped it.

Your credit card can actually come in handy boosting your credit score. You will have to come up with a plan of attack and one of the main things on your list would be to get a free credit score and see where you stand. You may dread this, but it is better knowing than wandering around in the dark.

The next thing would be paying off the debt on your credit card. By consistently putting money towards the owed amount, even if it is just one dollar more then the minimum payment, you slowly but surely will lower your monthly payments and hence increase your credit score and decrease your debt.

However, the culprit of most of the problems is not your credit card, but your own will power and determination and instead of getting rid of your card, you probably ought to put it a hard-to-get-to place and prohibit yourself from using it, unless you are certain you will be able to pay it off.

Until then, put it on ice and hide the ice pick and blow drier!