Your better half and credit cards

[lamagra]

All,

I was just reading the how many credit cards do you have list and I have a little story/question.

I started to take better control of our finances in the past couple of weeks and decided to ask her to check on her credit cards and see how much she owes on them all. (my debt is only car payments)

She gets back to me the next day and says hun dont be mad... I promptly went with the face. She then told me that between 6 credit cards (macys, kohls, AE, etc...) that she owed about $1600.00. After a brief moment of I found myself thinking that it could have been worse. I asked her how this happened and she said that stuff just added up over time and she never thought about the combined balance.

So in the past week we have traveled to all of these stores and paid off all of the bills. But here is my question. These cards that she has for each store shoudl we destroy them or keep them in a safe for when they have the 10% off deals?

Thanks,
Lammy

[sweeps]

Locking up the credit cards isn't a long-term solution. If you are really concerned about her spending habits, you need to address the root problem -- the desire to spend. There have been other threads about how to deal with this. My suggestion is to talk with her and come up with goals, both short-term and long-term. Plan out the budget/spending plan with those goals in mind. Don't make it a preaching thing, make it a cooperative exercise where you both come to realize that impulse buying will not let you meet your goals.

[loanstar]

if you wish to keep them, it might be safer to redue their balances dastically.
But in the long term, she'll need to learn to spend responsibly otherwise you'll end up closing one account only for her t open another.

[PrincessPerky]

as a check up run your credit report each season (free, somewhere on here is the link)

That is checking for ID theft, just so happens it helps to keep each other honest.

As to hide, cut or freeze, that is a personal thing, we didn't hide any of ours, they are all just...mentally frozen...it would take an emergency of epic proportions to pry one out of my wallet (or my husbands) but other people prefer concrete freezing...with scissors or ice, whatever. one is right for you, talk with your wife about which.

[vsjhoc]

But here is my question. These cards that she has for each store shoudl we destroy them or keep them in a safe for when they have the 10% off deals?

Lammy - everyone has given good advice here. Store cards give you a discount on your first purchase. Any further discounts will just be a way of encouraging you to come back and spend. You don't save 10% if you go to the store and buy stuff you wouldn't have bought in the first place.

[myself]

All,

But here is my question. These cards that she has for each store shoudl we destroy them or keep them in a safe for when they have the 10% off deals?

Thanks,
Lammy

Define "safe place". If she doesn't overspend, then she should keep them with her. If she does locking them or freezing them is irrelevant. You can go to most stores, and if you have their card, all you have to do is tell them who you are, and show them proof (like a license). They'll gladly add the bill to the balance.
My wife and I did that this past weekend when we bought our youngest a bed.

[lamagra]

myself you have a really good point here. She could just go to the stores and use her id... I guess I was hoping for a little bit of realization that well she doesnt have her card to pay for it soo she probably shouldnt buy it. Thats why we have moved to cash except for joint buys.

Lammy

[disneysteve]

I started to take better control of our finances in the past couple of weeks and decided to ask her to check on her credit cards and see how much she owes on them all. (my debt is only car payments)

Is the "her" you refer to your wife? If so, why does she have credit cards that you don't know about? My wife and I don't hide anything from each other. She does have one card in her name only, but since I'm the one who pays the bills, I see the statement each month. I think keeping things separate and hidden can be a recipe for trouble. I'm sure it works for some couples, but I think keeping everything out in the open makes more sense.