What are the benefits of closing your other credit card(s) and loans after a Balance Transfer?

What are the benefits of closing your other credit card(s) and loans after a Balance Transfer?

Some of the benefits from closing your other credit cards and loans are:

  • It will help reduce the total amount of annual fees you pay
  • Simplifying your finances and decreasing the number of cards you hold
  • Reducing your ability to accrue additional debt, by decreasing the available credit options
  • Potentially increasing your credit rating by reducing the amount of unsecured debt recorded against your credit bureau record
Daniel Thompson
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