There are many reasons why you may want to cancel your credit cards, including an expensive annual fee, high interest rate, few benefits, infrequent usage, or you have transferred your balance to a new card. However, before you cancel your credit card, you must understand the consequences of doing so even if you have a genuine reason.

Canceling credit cards may affect your credit score, so make an effort to manage your cards rather than close them.

Learn more: How Canceling Credit Cards Will Affect Your Credit Score

Author's Bio: 

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