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Dave Says
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| Copyright © 2009 Hendrix Media Group/Bluegrass Christian Magazine/KYfamily.com |
When Do I Close the Cards?
Dear Dave,
Do you recommend paying off credit card balances before or after you close the accounts?
Anonymous
Dear Anonymous,
Either way is fine. The point is to get rid of them, and stop using the stupid things! I like the idea and the
finality of going ahead and closing the accounts, but doing that will sometimes spur credit card companies to
do dumb, unfair things—like jack up the interest rates.
You’re on the right track, though. Personal finance is 80 percent behavior, and getting credit cards and credit
card debt out of your life is a great first step in learning to behave with your money. You don’t build wealth or
save money by using credit cards, and you’re naïve if you think you’re going to play around with a multi-billion-
dollar industry and beat them at their own game. The only way to win against credit card companies is by
refusing to play!
- Dave
*For more financial advice, plus special offers to our readers, please visit www.davesays.org.
Do you recommend paying off credit card balances before or after you close the accounts?
Anonymous
Dear Anonymous,
Either way is fine. The point is to get rid of them, and stop using the stupid things! I like the idea and the
finality of going ahead and closing the accounts, but doing that will sometimes spur credit card companies to
do dumb, unfair things—like jack up the interest rates.
You’re on the right track, though. Personal finance is 80 percent behavior, and getting credit cards and credit
card debt out of your life is a great first step in learning to behave with your money. You don’t build wealth or
save money by using credit cards, and you’re naïve if you think you’re going to play around with a multi-billion-
dollar industry and beat them at their own game. The only way to win against credit card companies is by
refusing to play!
- Dave
*For more financial advice, plus special offers to our readers, please visit www.davesays.org.
