If I received a $100 bill every time someone asked me this question, I’d be a millionaire by now!
Seriously or maybe not…LOL!
But I do realize that this is one tough dilemma for credit card holders.
There is no right or wrong answer!
Yes, I know that there are a ginormous number of “personal finance experts” breathing down your (virtual) neck about cancelling those credit cards before they cancel you (literally). However, your next move in terms of credit cards depends on your particular financial situation.
In this video, I discuss the scenarios in which you should or refrain from closing your credit cards.
….And might I add that all debt is NOT evil!
What’s your take on closing credit cards? I’d love to hear from you in the comments.
Until next time,
DON’T FORGET TO SPREAD THE LOVE!
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We see the commercials on television every day. A family sits down to enjoy a scrumptious meal and the phone begins to ring off the hook; the debt collectors are at it again. Suddenly, there is a lengthy period of silence, the kids look around, and the parents lower their heads until the ringing stops. At the end of the segment, a voice chimes in and offers a phone number for the debtors to call.
You’ve had a long week at work and Friday afternoon is finally here. Instead of focusing on the tasks on your desk, you spend the final hour or so planning the fun-filled weekend that lies ahead.
The weekend flies by and you find yourself sitting at the office on Monday morning wondering where your time and money went. Payday was Friday and your account no longer has enough money to cover the bills; AND YOU JUST GOT PAID THREE DAYS AGO!
“If you have a credit score of 600 or above, you’re approved!”
This sounds exactly like the guy cheesy car dealership ads that appear way to often between my favorite television shows. And they give me the creeps for SEVERAL REASONS!
First and foremost, they uplift the assertion that your credit score is a complete reflection of how you handle debt. If your score is high, you are responsible…and vice-versa. This assertion is valid, but many fail to realize that the credit score is not always the only component used by decision-makers to gauge the level of risk that they pose to the potential lender, provider or employer.