Don't cancel credit cards when you're in debt. Instead, lower your limits as you pay down balances to enforce discipline, and assign each card a specific purpose like subscriptions. Get your spending under control first, then worry about your credit score.
Everyone says to cancel your credit cards if you're in debt. You've said not to cancel credit cards. I'm confused. Yeah, I'm not saying cancel your credit cards. That's true, because the potential rebound and retaliatory effect. What I am suggesting is we need to get our credit cards in control. There's a few ways to do it. One way is when you start reducing debt, to actually lower your credit limit. No, this is not a way to optimize your credit score and all that junk. The most important thing is you controlling your money. That's why I call financial independence not money controlling you, you control your money. Once you assert control of your money and you're consistently doing it well and your behavioral aspect has kind of been wired appropriately, then we can do things to improve your credit score. The other thing you can do with a credit card is you start allocating to purposes. So I have a subscription credit card and only subscriptions go on there. So I have absolute clarity every time one of those bills come in from that credit card company, I know what category it's in. And it gives me more control and authority over it. So I don't ditch credit cards, I use them more wisely.
