00:00Did you know an MIT Sloan School of Management study concluded that spending with credit cards can stimulate the brain's
00:07reward center and drive you to make more purchases?
00:10If you identify with any of the following spending behaviors, consider this an intervention.
00:16It's time to give your credit card a break if you find yourself frequently overspending in certain categories.
00:22Ideally, fix an amount of cash or funds on your debit card to cover for those expenses.
00:27That way, you can continue to use the credit card while avoiding interest charges.
00:32Review your credit card to objectively identify if you are an impulsive spender.
00:36MarketWatch says to look and review the reasoning behind your purchases.
00:40If you're doing it to avoid negative feelings, stop using your credit card and depending on the severity of your
00:46expenses, consider meeting a financial therapist.
00:49The American Credit Foundation says the sky is not the limit.
00:53If your card is maxed out, it's a definite sign that your debt is out of control.
00:58If you feel you're gasping for air while drowning in debt, make smart decisions.
01:03Consolidate debt from several credit cards onto one with a lower interest rate.
01:07Give your credit card a break and use cash or debit cards to cover your expenses.
01:12And if you find it fitting, consider meeting with a counselor from a non-profit credit counseling agency to help
01:19manage your debt.
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