UnThreaded | Threaded | Whole Thread (95) | Ignore Thread Prev | Next
Author: PSUEngineer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 309045  
Subject: Re: $84,000 of debt, over and OUT!!! Date: 5/9/2014 7:23 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 7
Well written article. Great turnaround story, But I would like to just point out one thing. You said after you paid off the Credit cards you would cancel them. Canceling credit cards after they are paid off actually hurts your debt to credit ratio. For example if you canceled a MasterCard with a limit of lets say $10,000 your overall credit available will also lower by that $10,000 amount. So with the credit card being paid off , yes your debt will be lowered by that amount but also your available credit overall will lower by canceling that same card.

You responded to a 13 year old post. The decision to cancel or not has probably already been made.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (95) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Buffett's Biggest Mistake
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.