Money Answers Part 7 - Q&A Cancel or keep credit cards? #money #shorts #creditcards
In this short Q&A, the presenter challenges the common advice to cancel credit cards when in debt. He argues that canceling can backfire and that the priority should be gaining control over credit‑card usage. He recommends first lowering credit limits as debt is paid down, not to chase a higher credit‑score. The core strategy is to master personal financial behavior—treating money as something you control rather than being controlled by it. Once disciplined spending habits are in place, credit‑score‑boosting tactics can be considered. He also suggests assigning specific cards to particular expense categories (e.g., a dedicated “subscription” card) to increase clarity and authority over recurring bills. Overall, the message is to keep credit cards but use them more intentionally and responsibly.
