Our friend Erin Peterson just published a great article on when it’s OK to cancel a credit card. You’ve probably heard that cancelling a card can negatively impact your credit score, but sometimes it’s OK. Here are a few of Erin’s points:
- You’re likely to give into retail temptation
- Your credit card has changed terms
- You don’t anticipate taking out new loans or making other changes in your life
Erin lists 7 great ones. She even quotes us a bit. Click here for the full article: 7 Times It’s OK To Cancel A Credit Card.
BTW, my favorite is about sticking it to your card issuer if they try to change terms on you. Cancelling does have some advantages. Read the article to find out.
Scott Crawford is CEO of DebtGoal.com, a do-it-yourself system for getting out of debt and lowering your interest costs. DebtGoal.com incorporates all of the techniques discussed in this post and can help users understand and get visibility to and manage their debt finances.
Tags: credit card cancellation, credit card debt, credit card management, Credit cards
