After Kathleen Immel Cross and her husband paid off more than $21,000 in credit card debt they had accumulated in 2018, she made a promise to herself.
The couple, with a household income of around $72,000, would stay out of debt so they could retire without the burden of owing so much money.
To make good on her resolution, she canceled many of the credit cards that led to their overspending; she vowed to use the remaining ones for small purchases and to maintain a credit record; and she adopted a “cash and carry” lifestyle, she said, in which she and her husband would only buy what they could afford with the money in their wallets. The strategy worked.
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