On 1/3/2015 LuvitorLIT said: I am working towards closing the highest interest cards first but in reality you have to have at least one credit card to use for travel and other types of purchases.
I heard that you shouldn't cancel credit cards because of the negative effect on your credit score which makes no sense. Banks only smile when consumers are in debt for obvious reasons, but if there is a credit card I no longer need or use why keep it?
Banks do indeed smile at those in debt using their cards... there is a free DVD rental called "Maxxed Out" which explains a lot about the politics of banks, etc, and consumer debt. It was all the way back in WWII era that the treasurer of the US stated that "the only way to win at the game is to be the last person holding the cards"... (the last one holding the money). I love this way of thinking. People used to think that institutions would not grant them credit if they weren't worthy... and so not true!
~Have a Kind Heart, Fierce Mind, Brave Spirit~