Re: Paying off debt - should we cancel credit cards?
It looks bad on your credit if you cancel the cards if you have had them for a long time. Also, it looks good if you have credit cards (credit available) and you aren't using them (but you do have access to it). If there isn't a yearly fee, freeze them in a butter container in the freezer if you don't think that you can resist using them. Or, better yet, when you recieve a new card, don't even activate it and cut it up (we do that with one of the cards). If there is a yearly fee, call the company and ask them to waive it (especially if you get a junk offer for a free card).
|