Close Credit Card or keep it?

Rigsbyscat

I have just taken out a loan to consolidate both my credit cards, I can repay the loan faster and much more cheaply than if the debt remained on the cards.

What should I do with the two old credit cards which now how a zero balance? Close one and keep the other with the best rate? Close them both and not get into debt with credit cards again?

Any advice would be appreciated.

With thanks.

dhassen

If it were me I'd close them both. But what do I know!!

AGB863

I think you have already answered th question.

Take the option of not being tempted in future!

EverTheOptimist

Personally I'd get rid of both, but that's because I can't trust myself. I got a Sainsbury's CC in Sept, supposed to be for my hol, didnt even arrive in time.... But I have been spending on it, just keep telling myself it's just a small thing here and there, balance now £600.... ouch.... good job it's 0% til sept next year. Plan now... pay it off asap and get rid. If you can trust yourself, keep it, and do as has previously been discussed on other posts stick it in container of water and freeze it!!!! it's not accessible day to day and can be used for emergencies only. If not, get rid. x

dhassen

EverTheOptimist wrote: »

stick it in container of water and freeze it!!!!

doesn't that knacker the chip?! Not that that'd be a bad thing in some cases

EverTheOptimist

Haven't personally tried it, but am tempted, tho I have seen it suggested many times over, maybe thats because it does knacker it, and thats the point. i keep mine locked away at mo so cant do any more damage, specially with xmas round the corner, should cut it up really. x

dhassen

sounds like a good idea to keep temptation away! I'm being good without...... so far!

churchrat

cut them up:eek: :eek: I know that for some people it seems to work-- they have them for emergencies. but what is an emergency? the washing machine breaking down really feels like one but the 6mths later when you are back where you started a broken washing machine doesn't seem so bad afterall. we have lived without them for 6 yrs now and if we havn't the money then it doesn't get bought, even if that means hand washing everything for 3 months! but much better than sleepless nights. for us the -I'll keep it just in case- was a really bad idea, but we were terrible at budgets. not having the cards makes that so much easier. goodluck!

sammiboo

I am just voicing what others have said.

If you keep any of your cards its the exact reason why consolodation doesnt work.

Cancel them and cut them up!!!!

As soon as my barclay card was paid i cancelled. The same will happed with my virgin card in the new year and also the egg card when that gets paid off.

yellowmonkey

Snip,Snip,Snip.

You could be me talking a few years ago. Now I am in debt because i accrued debt after consolidating.

ym

Tr@cker

keep one of them if you've learned a lesson properly it shouldn't matter. If you use the card properly the interest free period is a good thing on purchases and sometimes the card companies give personal offers, one of them offered me a BT free 9 months at 0% and 3 months on purchases on a recently cleared card they're doing this more often now.