Using cash helps consumers escape debt

Buried in credit card debts? Experts across the board suggest adopting a cash-only lifestyle.

"I feel relieved. I do. I feel like a weight has been lifted, because I put some restrictions on myself this year," says Angela Davis.

In January, Davis had balances on nine credit cards totaling more than $13,000.

Her interest rates were as high as 29 percent.

Since going cash-only, she's made progress.

"I've been able to pay off three cards. I wish I were further along, maybe had about half paid off, cause it was about nine cards. By the end of September I will have one more paid off," Davis says now.

She started paying for things with cash, giving herself a weekly spending allowance. Then Davis talked to her credit card companies to make payment arrangements and lower interest rates.

"I called them and said this payment is too high for me," she explains. "This is what I can afford to give you every month, and most of them initially were willing to work it out."

She also cut back on expensive designer shoes and clothes.

Davis says she hasn't bought a stitch of clothing since starting the credit card diet.

"I thought at first that was going to be difficult, but I decided whatever I wanted I was going to make. I was going to sew all the clothing I wanted this year," vows Davis.

Thanks to sewing lessons at a local fabric store, she was able to do it, and the outfits are beautiful and inexpensive.

She has this advice for people who feel they can't escape their debt:

"Once you take the steps to do something about it, you feel better. You don't feel like 'Oh my God, I am never going to get out of this debt'. You will get out of it. It takes time, it takes patience, it takes commitment."