I think it's time to cut my friend off.
Why are you going to cut your friend off?
I don't need to explain why.
Communicating with your friend seems like a better option over just cutting them off. Ghosting people is not a great habit to get into.
I just feel like this is the right thing to do.
Communicating is almost always the better option. The better you get at working these problems out, the less of problems they are in the future.