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Episode 2684:
Kumiko of TheBudgetMom.com tackles the common dilemma of whether to close a credit card after paying it off. She weighs the pros, like avoiding temptation and minimizing fees, against the cons, such as the potential negative impact on your credit score. Her conclusion is nuanced, advocating for keeping the account open under certain conditions, especially when planning significant financial moves like buying a house.
Read along with the original article(s) here: https://www.thebudgetmom.com/should-you-cancel-your-credit-card-after-paying-it-off/
Quotes to ponder:
"The number one reason most people choose to close their credit cards is to avoid temptation."
"If your credit card is charging you fees, you should think about closing it."
"Closing a credit card account can hurt you if you are attempting to get a mortgage."
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2628: What to Do if You Can't Afford to Pay Your Bills by Kumiko of The Budget Mom on Financial Struggles
2627: Rich As I Say, Not As I Do by Nick Maggiulli of Of Dollars and Data on Wealth-Building & Financial Advice
2626: 8 Tools to Get Control of your Anxiety by Rachel Shanken of Mind Body Wise on Neuroscience
2625: 5 Tips For Saving On Groceries And Staying On Budget by Courtney Luke of Arrest Your Debt on Grocery Meal Planning
2624: [Part 2] How To Come Up With A Financial Plan Without Visiting A Professional by Jim Wang with Making Sense of Cents
2623: [Part 1] How To Come Up With A Financial Plan Without Visiting A Professional by Jim Wang with Making Sense of Cents
2622: Money Lessons From Spinning Class by Vicki Cook of Women Who Money on Social Interaction & Investment
2621: Five Things You NEED to Know Before Buying a House by James Altucher on Home Ownership & Hidden Costs
2620: Playing Financial Chess by ESI of ESI Money on Money Management & Wealth Building
2619: Ways To Save On Food That Don’t Require Extreme Couponing by Tania Brown of Financial Finesse
2618: 7 Steps to Financially Prepare for a New Baby by Amy Beardsley with Smart Money Mamas
2617: Practical Magic for Your Money by Jessica Jokisch of ChristineLuken.com on Financial Dignity & Psychology
2616: 7 Tips For Living on an Inconsistent Income by Marc with Mad Money Monster on Budgeting Strategies & Emergency Fund
2615: Getting My Wife on Board With the FIRE Lifestyle by Joel with Budgets Are Sexy on Financial Partnership & Passive Income
2614: Pick Your Hobbies Strategically and Save by Honey Smith of Get Rich Slowly on Skill Development & Financial Management
2613: We Decided To Pay Cash For Everything (Here’s What Happened Next!) by Jason Price with PT Money
2612: The Internal Financial Struggle by Andrea Joy of Saving Joyfully on Budget Management & Debt Reduction
2611: Place is Core to Financial Planning by Ryan Frederick of Here.life on Housing Decisions & Investment Potential
2610: How to Scale Down Exercise Instead of Skipping It When You Feel Low by Rachel Trotta on Workout Consistency
2609: [Part 2] The False Choices That Steal Our Future by Liz of Frugalwoods on Financial Independence & Non-Conformity
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