A situation that anyone would withdraw of their way to not be in is possibly standing knee-deep in a pool of rotten credit card debt. But even with a watchful eye, you may end up sometimes pacing in a puddle or two all along the way. And this only indicates that notwithstanding how precautious or accountable you are with your finances, your credit card use in particular. T was better said that it looks like that having credit cards, whether as a financial commodity or a financial backup, this is still a responsibility with great possible consequences in due course.
So, are credit cards really all that useful to possess and make use of? Or better yet, let’s ask ourselves, should credit cards be simply removed from my financial life in general?
Absolutely and as much as possible, removing credit cards in our financial life as a whole is a vital action to be made, especially if you’re searching for a complete financial freedom. However, doing such action isn’t just simple. It’s more than just getting a scissor and then cut the plastic piece in two; it’s a process of paying off balances of your credit card, getting in touch with the credit companies and weighing their ensuing offers to hold you on to as a consumer.
Finalize Your Balance Situation before Initiating Cancellation
Forget about your credit cards without hesitation if not to maintain your credit score and free yourself of future credit hassles. However before you take such quick move to call off a card or two; you need to pay off your balances at the first place. It is important that you complete what’s lacking before official cancellation; it is simply because several credit card companies will actually raise your interest rate if they find out you have plan to leave or cancel your account with them, but you are still tied up with an unpaid balance. However, once more, there are also high possibilities that they will not act in such a way by any means, but to a certain extent, will leave of their way to keep you as a loyal, card-using consumer.
Paying off balances and all remaining debt will not only finalize your credit cards but it will put you as well on the certain and responsible money management path. Along with the start to eliminating debt can start there, together with the credit card relief (more so, self-relief) course.
Contact Creditors and Consider Those Retainment Offers
Notify your creditors about your intention to cancel your account with them through getting in touch with them, it’s either call or write them or by any means possibly. You should take note of who you’re speaking with, taking the names and titles down on a piece of paper upon calling your particular companies. Moreover, put on paper the dates of these conversations as well as provided cancellation numbers, if given by any means. After this is carried out, it would be wiser to follow up with a letter perhaps by addressing it to the same company and the name of the persons whom you spoke with on the phone. After that, you will have sheltered yourself suitably when everything is said and completely done.
All the way through this process, it’s likely that you will be asked to stay with your said company by having attractive offers lobbed your way. And of course, you should consider them, for most times, may be you can ask for better proposals and they’ll give you precisely what you would like, if not more. This is gratifyingly enough so for the reason that credit card companies will go to great and relatively colossal lengths to keep those consumers on the edge of departing under their company financial wing. But once more, it’s entirely up to you and your state of affairs if you preferred to go back to them and their plastic expenditure freebies and offerings.
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