Posted on June 24, 2009 at 1:00 pm Okay - here is my situation.  I have WAY too many credit cards, but I am pretty maxed out on all but one (the one with the highest interest).  I would like to get rid of all but 2 (when they are paid off) but need some advice on the best way to decide on which one. Any suggestions are welcome.  Thanks!

Posted on June 24, 2009 at 1:10 pm You can "close" a credit card account if you want to, but be aware that doing so may have a negative impact on your credit score in the future (particularly if you close out one of your oldest accounts), and if there is a balance on the card when you close it your credit limit will automatically be dropped to $0 (it sounds like most of them already are for you though). Or, a better thing to do perhaps is transfer balances from your high interest cards onto a low interest card and as a result pay back less in total as you pay your debt down. Just because a credit card is open does not mean you have to use it necessarily.

Posted on June 28, 2009 at 11:47 am I am aware of the ramifications of closing the accounts.  And I don't have a low interest card at the moment.  So I guess for now, I will hang on to them and then reconsider my choices when the cards are paid off.