Before you cancel any credit card, however, it’s important to think through your decision and make sure it’s the right decision for your finances and your credit score.
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Many of my long-time readers know that I got myself into credit card while in college and wasn’t unable to change my overspending ways until a few years after college ended. Once I broke free from living beyond my means, I was scared of credit cards and how easy it was to overspend. As the years went by, I slowly reintroduced credit cards back into my life and now primarily use them instead of cash for the majority of my spending.
One of the goals of those who long to be debt-free is to pay of the mortgage early. But is that really the best course of action?
There is no magic spell to erase bad credit. It takes time to repair your credit, but if you follow these smart, common sense steps the road to good credit may just be a little easier to travel.
It’s important to realize that you do have rights when it comes to debt collection practices. The fact that the FTC has just fined one debt collector $3.2 million for harassing behaviors underscores that you do have rights, and you can see that they are enforced.