by Tricia
I have missed having high speed internet the last few days so much. I’m normally a person with a lot of patience (many people tell me that all the time). But put me in front of a computer with an internet speed that crawls and I go crazy. Now that I am back online at the normal speed, I was able to grab a few posts to highlight this week and I can get back to regular posting.
Debtspiration shares a quote from Phil McGraw about luck.
Becoming & Staying Debt-Free discusses the Top 24 Ways to Destroy Your Credit Cards. Once we pay off our credit card debt, I’ll be cancelling and destroying some cards. I’d like to do the #1, but with a reel mower, it wouldn’t quite work.
Zen Habits has an article on Living a Life Without Credit or Debt. If this is a route you would like to take with your debt reduction plan, you should give this article a read.
Lastly, I would like to say thank you for the very kind words and the Blogger Reflection Award I received from My Domestic Church.
Don’t be so quick to cut up the credit cards and cancel them. After all, unutilized credit is a pretty heft component of your FICO score, so by reducing the amount of potential credit that you have, you potentially lower your FICO score. A second factor is the age of credit cards that you have, so if you do insist on canceling cards, make sure you cancel the newest ones first. If you’re canceling cards with annual fees, then by all means, go ahead, but there’s not much point in canceling a no fee card that’s already open. To crib from a famous personal finance radio/book personality, put the unused cards in a bowl of water and then freeze it in the freezer. If you want to use the cards, then you must wait for the block of ice to melt.