Skip to main content
No. of Recommendations: 3
Honestly, your answer didn't help me at all. You don't know me. You don't know the reasons behind the debt. The hardships my family had. I was simply hoping for an answer that helped me decide if by closing these cards my credit score would be damaged. That's it. Instead I got "learn how to use credit cards."

There was no way to tell if your credit score would be damaged by closing the cards, given the little information you had provided.
And by saying things like But honestly, I'd rather take the hit to my credit score than ever use these things again. I see the benefits of using them (especially if they have rewards) but I really just want to put these things away and forget they exist. you didn't seem to actually be asking about whether your credit score would be damaged by closing the cards - more about whether you would be better off closing the cards.

The additional information you provided about cutting cable and doing other budget cuts now (rather than when you were building up and/or paying down credit card debt) suggests that you probably will still be better off closing the cards until you have an emergency fund built up to deal with hardships. Therefore, I still stand by my answer, that since, for whatever reason, you built up credit card debt and chose to borrow from your FIL to 'pay the cards off,' rather than paying them off on your own, you would probably be better off living without them for a couple of years, until you have lived with a budget and built up an emergency fund. As you can see, several others also suggested living without the cards for a while, too.

AJ
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
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.