Ever since the financial crisis in 2008, and the resultant recession, there has been a renewed interest in canceling credit cards and getting out of debt. Additionally, the upswing in fees from many credit card issuers has prompted some to want to cancel credit cards in order to avoid those fees. Many card issuers are instituting annual fees, leading even the most responsible and conscientious card users to feel the costs of credit card spending.
However, just because it’s tempting to cancel your credit card, doesn’t mean it’s always a good idea. Before you cancel your card, consider the effect that a cancellation could have on your credit score.Continue Reading