10 min listen
2684: Should You Cancel Your Credit Card After Paying It Off by Kumiko of The Budget Mom on Frugality
FromOptimal Finance Daily - ARCHIVE 2 - Episodes 301-600 ONLY
2684: Should You Cancel Your Credit Card After Paying It Off by Kumiko of The Budget Mom on Frugality
FromOptimal Finance Daily - ARCHIVE 2 - Episodes 301-600 ONLY
ratings:
Length:
10 minutes
Released:
Apr 8, 2024
Format:
Podcast episode
Description
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 1594:
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."
Learn more about your ad choices. Visit megaphone.fm/adchoices
Episode 1594:
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."
Learn more about your ad choices. Visit megaphone.fm/adchoices
Released:
Apr 8, 2024
Format:
Podcast episode
Titles in the series (100)
562: Mortgage as a Forced Savings Account to Build Wealth by Sam Dogen of Financial Samurai: Sam Dogen of Financial Samurai by Optimal Finance Daily - ARCHIVE 2 - Episodes 301-600 ONLY