When your finances start to spiral and it becomes increasingly difficult to keep up with credit card payments or build toward financial goals, switching your payment method temporarily to cash or debit could help.
Spending with credit cards can stimulate the brain’s reward center and drive you to make more purchases, according to a recent study by MIT Sloan School of Management. The 2021 study had a small sample size of 28 participants, but other research also finds that people are likely to spend more with credit cards. However, it is possible to avoid overspending and the costs of interest charges on outstanding debt by using cash instead.
