YAY! ANOTHER high interest credit card bites the dust!

[radwriter0555]

Called in the cancellation, VIOLA! Done with, over with, all gone!

It's a nice feeling. I have good credit and just kind of hung on to that household finance one out of affection or something. Haven't used it in ages.

It's NUTS to use 23% interest rates really.

And in addition, I called yesterday to cancel my capital one accounts (plural) and when asked why, I said due to the high interest rates. She immediately offered to lower the rate to 9% plus prime which IS acceptable, considering I rarely use the card, but it's nice to have for travel.

I cancelled the lower limit and kept the higher limit one and got rid of MORE crap.

So much WOIK, all for the better.

[matcom]

1. your in danger of screwing up your credit

really.

you start cancelling everything and they will nail your credit report. IF the cards have NO ANNUAL FEE, pay them off, cut them up and keep them open at $0.

your credit score will go WAY down otherwise

[radwriter0555]

3. I only cancelled two that had fees and nasty rates and low limits.

They were for credit risks, not for people with my high rating.

but you're right... that kind of thing can be detrimental!

[AndyTiedye]

2. Looks Like the New Bankruptcy Law May Cause the Credit Card Cos to Lose $$

Everywhere I look, people are paying stuff off if they can.
They're either afraid of the credit card companies or pissed of at them, or both.

They didn't really lose that much money due to bankruptcies.
Most people actually managed to pay them eventually,
even with 27% interest. They might have had to write off 10%.

Their business looks like it could be down a lot more than that.