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Canceling credit cards is terrible idea if you care about credit - which has impact on managing your financials. If reason for cancel is to avoid using them th
by pkrotich 5y ago
Canceling credit cards is terrible idea if you care about credit - which has impact on managing your financials.
If reason for cancel is to avoid using them then I would say cut them, but keep credit. Not all credits are bad… using them unwisely is tho.
- noahtallen 5y agoYeah. If you have crippling credit card debt, maybe you need to not have credit cards to prevent overspending. But I doubt most people need that — they just need to treat credit cards as normal cash, where you automatically transfer money to cover all your credit card transactions each month. Lots of budgeting tools (like YNAB) do this automatically so you don’t even have to think about it.