Closing Credit Cards: What You Need to Know Right Now

What happens when you close your credit cardsThinking of closing your credit cards? They can be HARD to give up. For many people, they’re a bit like a security blanket.

Still, some people want to close a single card for various reasons. Some want to close all their cards so they aren’t tempted any longer. Others just want their debt GONE!

That explains why some of the most commonly asked questions when people first start getting out of debt are:

  • Should I close my credit cards?
  • Does it hurt your credit to close a credit card?
  • What about cancelling my oldest credit card – is it true you should never do that?
  • How do you cancel a credit card?

I’ll answer all of those questions and more below.

But before I do, there’s one thing you need to know about closing credit cards. When your focus is on getting out of debt, you have to do what’s best for you.
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Could You Be Making This Super-Common Credit Card Mistake?

Avoid this trap! One of the most common credit card mistakes...Did you know that getting a credit card for emergencies is one of the most common credit card mistakes you can make?

Sadly, I found that out the hard way, leaving me frustrated and discouraged.

Here’s what happened — plus what you can do to avoid falling into the same trap. (Or what you can do to fix things and escape that trap quickly if you’ve already fallen in.)

How it started: Making one of those common credit card mistakes…

Shortly after my first husband and I got married, we got a credit card to use “strictly for emergencies”. We were really clear on that up front, and believed that having the card would also benefit us by building credit. We felt a little bit nervous, but also smart.

The problem was – or so I thought – that we kept having emergencies.

One of us “had” to fly out of state for a funeral. Twice. We also “had” to replace the clutch and the brakes on my lemon of a car. Three or four times!

So of course, we used the emergency credit card to do so. That’s what it was for, right? There was just one huge problem…
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