How to Cancel Credit Cards

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Canceling credit cards is best done by gradually phasing out of the card through a balance transfer or by paying off the debt slowly, as the reporting agencies do not like to see violent changes in a portfolio. Transition out of a credit card gradually with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management & Credit
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Video Transcript

This is financial adviser Patrick Munro talking about how to cancel credit cards. You must be mindful when you cancel a credit card, sometimes it will create a negative on your credit bureau. Many times it's better to bring the balance of a credit card down slowly over time and basically phase it out. Credit card reporting agencies don't like violent changes in your profile. They can create a negative. It's never been explained correctly. It's one of those unexplained phenomenons. But it's better to phase out of a credit card by perhaps balance transferring to another credit card over time and then more less noticeably phasing out of credit cards that way. If you're doing a strategy and you've come into money and you want to get out of credit card debt in a fairly short order, make sure you look at this strategy as opposed to canceling your credit cards just in a short term notice basis 'cause you don't want to damage your credit by having violent moves in your portfolio. This is the most effective way called transitioning to phase out of credit cards. This is financial adviser Patrick Munro talking about the best way to cancel credit cards.

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