For those of you who think closing your credit card will help, it will not. By all means pay them off, but if you close a credit card account it will adversely affect your credit rating. Crazy but true. To banks it means you have less credit available and makes your ratio of outstanding debt to credit availability higher which may cause other creditors to raise your rates. Credit card companies are creating a new kind of slavery. Write your congressmen. It is a crisis that affects so many of us.
Anonymous User February 10, 2009
at 1:13pm
For those of you who think closing your credit card will help, it will not. By all means pay them off, but if you close a credit card account it will adversely affect your credit rating. Crazy but true. To banks it means you have less credit available and makes your ratio of outstanding debt to credit availability higher which may cause other creditors to raise your rates. Credit card companies are creating a new kind of slavery. Write your congressmen. It is a crisis that affects so many of us.