Should I Close My Credit Card Accounts?

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[diet]

i have 12 credit cards and have 30k cc debts which my soon to be x husband left me to pay, as for now i've closed 4 store credit cards and paid off 10k in 1 yr. all in my still open credit cards are all balance tranfers that need to be paid in full within 18 mos. i am currently on a cash bases to avoid adding more charges. it doesn't matter to me anymore if my credit score goes down or not as long as i am debt free.

[rosendomadriz]

You became the father that I always wanted thank you sir for all you done for us

[jwsouhrada]

I agree! CLOSE THEM ALL! But only AFTER you have bought a house/primary residence.

[youngandfree]

I just closed all my credit card accounts a month ago. Best decision ever! Cash is king.

[joseph]

I closed all my credit card's.Payed them all off.And i don't regret it at all.I have one more debt the student loan.But it's less then 4grand i have to pay off.But it's the only debt in my life right now.So i am glad of that.Dont have to worry much because payment's are on time and i am 2 years always payed up.So yeah i don't even have to make a payment's. every month.My credit score is good it's at a 660.Not bad, not perfect.But still good it's enough to get a mortgage.Down the road in my life.Or a car.If i chose to get those 2.But right now i am 25 year's old.And life for me is not in the best of shape.But i am not giving up.Or looking back.Just have to keep strong.

[BrianVelez]

WOAH, I would have never expected this answer from a money guru. That’s interested. I just called and canceled my card. Now down to three :)

[jvolstad]

Keep the credit cards open. Just use them for minor purchases and pay off the balance in full each month. My credit score is 800+ and have not paid interest in decades.

[nappyboi]

What he forgot to add is that he is a self employed millionaire so he doesn't have to worry about potential employer's or apartment manager's checking his credit score. For people just starting out like myself, a good credit score can open up so many doors.

[ivraalia]

I think you missed an opportunity here to expand your brand into New york. Not a lot of people there know of you and this guy seemed to have immediate respect for everything you've said. He seemed gazelle intense. Out of anyone you send books to, I think this guy really deserved a copy of The Total Money Makeover.

[ContrlLLC]

I’m closing my credit cards with balances idgaf I’m not gonna keep payin the interest I can’t afford it

[dblife]

I don't need a credit card. I had one a long time ago. Bad bad experience. I paid it off and closed it! I pay cash for everything now💸💰. I own my house to boot. I don't need another bill added to my list.

[tashajohnson]

Definitely close out your credit cards. I closed all mine off and my score increased.

[adamoates]

You need a credit score for car insurance
Plus you need a credit card for a rent car
If you put Netflix on a credit card and don't use for nothing ales your be good

[arelis]

Went to open an account at a credit union and they checked my credit to be able to allow me to open an account.

[tthomaselli]

"If you don't think you can make one credit card payment, throw it in a drawer/safe/etc..; If you don't think you can make another credit card payment, throw it in a paper shredder.".

--???

[jimmyt]

Im going to close my credit card accounts one by one !

[kristinabatista]

Dave Ramsay does not know what he's talking about. Most of us need a credit score for job applications or for rentals. I would leave the credit cards open but I would cut them up and forget about them.

[technojunkie]

I don't like credit cards and I agree with Dave. Should I cancel my unsecured credit card and get a secured credit card? I never want to have to use my credit card and be charged 20% interest. That is completely being taken advantage of.

[julieshaffer]

That was my gut feeling. I think I'll start closing accounts.

[Shaolinz]

I like my 3% cash back on gas and my 5% back on utilities.
2 benefits I get back from credit cards.