Forgo credit cards to keep spending in check

"People look at me like I'm an anomaly. But guess what? It's a whole lot easier when you're not juggling debt," said Paige LeFevre, a 41-year-old Atlanta resident.

The idea of living without credit cards is getting more attention at a time when Americans hold more than $850 billion in credit card debt, four times as much as in 1990.

Of course there are significant benefits that come with credit cards -- convenience being a key one -- so be sure to weigh them carefully before rushing to close your accounts.

One concern is the role credit cards play in building your credit and maintaining a credit history. Remember that building good credit is important if you're in the market for a mortgage or other type of loan. Prospective landlords or employers often run credit checks too. So holding on to your credit cards -- even if you don't use them often -- may be in your best interest.

Credit cards also offer certain consumer protections; for instance, issuers will often refund charges for faulty products. Cards are also necessary to rent a car and, if managed properly, can reap financial perks through rewards programs.

LeFevre says her vow of plastic abstinence came after she ran up $40,000 in debt while remodeling her home two years ago. But as a homeowner with a steady job for six years, LeFevre wasn't overly concerned about her credit score.

"It's just too easy to use," said LeFevre, who works for a retirement investment advising company.

She has since paid off her debt with a number of drastic measures, including trading in her car for a cheaper model, getting a roommate and selling many of her belongings. She also axed her cable package, manicures and eating out. Now she keeps her spending in check by taking out $200 in cash every week for groceries and gas.

For LeFevre and others, keeping plastic around simply leaves the door open to temptation. The reasons for credit card debt no doubt vary, however, and in many cases is the result of financial hardship.

According to the Consumer Federation of America, a nonprofit advocacy group, 58% of people with credit cards don't pay their balance in full every month. Those who carry a debt have an average balance of $17,103, according to the group.