Helping You Define Your Lifestyle

Should You Cancel Old Credit Cards? Know the Pros and Cons

Deciding whether to keep an old credit card or get rid of it is not a simple choice to make, but with the right knowledge, it should be easier to come to a decision. Find the pros and cons of cancelling an old credit card below:

Pros of cancelling old credit cards

  • You’ll rid yourself of a possible liability

Whatever the reason for closing an old credit card, one less credit card could mean one less opening for incidences of fraud or theft. Because old credit cards are often forgotten and are generally more difficult to maintain and manage, they could be vulnerable to criminals.

  • You’ll have less temptation to fight

If you are one of those who feel richer than you really are because you have extra credit, then it might be best to cancel some of your credit cards. The same applies to people who tend to spend more than they should, so in order to prevent or reduce temptation, it is a good idea to close any extra lines of credit.

  • You can cut back on paying annual fees

Your old credit card accounts may have annual fees and you really shouldn’t be paying annual fees on a credit card you don’t use. Whether it is because you were not paying close enough attention or because you applied for the card when your credit was poor, you will save a good deal of money by getting rid of the card and if you must, replace it with a personal credit card with a better deal. Once you have good credit, the competitive financial landscape will sort out the rest.

Cons of cancelling old credit cards

  • Cancelling could hurt your credit score

If you have a negative payment history, closing an old credit card won’t work magic for you because the payment history of a card continues to affect your credit even after the account has been closed. While the effect the closed account has on your credit score will lessen over time, it is certainly not a solution for improving your credit. Other factors to consider include the utilisation rate and whether the card you intend to cancel is your only credit card.

  • You could lose out on existing customer deals

While they are often not as juicy as new customer deals, some lenders may offer current cardholders a fantastic deal every now and then. If your lender is one of the considerate ones, you might be losing out on opportunities to enjoy great deals on your credit card if you decide to cancel. While the offers may not be better than those for new customers, at least you won’t have to go through a credit check.

Before taking the leap and cancelling an old card, be sure to evaluate your position carefully so you don’t end up with regrets. Learn how keeping or cancelling the card will affect you in the long and short run.

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3 Tips for Making Money on the Side

Feel at times as if you do not have enough money coming in to keep you comfortable?

Well, if you have that feeling, you would not be alone.

Despite how hard many work, there’s not enough money to make them feel good about their situations. As such, they scratch and claw their way through their bills each month.

If you’ve gotten to the point where you need some more money coming in, what options do you have?

Get to Work on More Income

In doing all you can to bring in added income, consider these three tips:

1. More income at work – The most logical choice would be to see if you can get more income through your current job. Now, you may have some trepidation about going to your boss and asking for a raise. That said it is important that you are getting paid for what you are worth. When the time seems to be right, sit down with your boss and discuss your current compensation. If the answer to a raise is no, do not immediately move ahead with the mindset you need out of this job. It may be a case of the money is not there at the present time to give you more funds. If you like your job, it would not be wise to quit. This is especially true if you have nothing else lined up at the moment. Sit tight and see if you could find some other ways to get the extra cash you need.

2. Cutting down your debt – Are you in a position now where it seems like debt is coming at you from various angles? If so; you need to do your best to trim the debt where you can. First, look to see if credit card debt is choking you. In the event it is, you might want to find another card to transfer to with zero interest. If that does not work, talk to your current credit card company to see if they will work with you. Often, companies would rather work with a customer than lose them altogether. If you are spending too much money on gas for your car, entertainment and more, once again see if trimming is doable. Consumers will often discover that they have been wasting money on stuff they did not need.

3. Selling some items – Last, what about holding the occasional garage or yard sale? That is one way to not only make some extra money, but also clean out your home at the same time. If that is not something you want to do, you may opt to get cash for scrap metal. Instead of throwing such materials away, why not get paid for it? From an old car to other scrap metal, make some money off of the items you no longer need in your life.

When you’re sweating each month how you are going to get by, don’t you think it is time to do something about your situation?

Although many people are struggling to get by, you do not have to be one of them.

Take some time to think about your current finances and how you can better them.

When you do, you’re going to lose a little less sleep and have some more money in your wallet or purse.

Planning a Fun Family Day Out

When was the last time your family had a fun day out?

For many families, it can be hard to schedule quality time together.

With work, school and appointments, getting everyone together is not always easy.

That said you need quality time together as a family. Without it, the group can get caught up in their own business and tend to drift away over time.

So, are you planning a fun family day out?

Some Options on the Plate

In the event you want to have a fun day together, here are only a few of the options:

  1. Day at the beach – What family doesn’t enjoy a day at the beach? Sure, there may be one or more in your group who are not too keen on sitting in the sand and soaking up the rays for a day. That said there are many ways to make this day a fun one. First, get an umbrella or two so those not wanting direct sun have some cover. Second, take enough food to keep everyone happy. You also want to think about some sports like volleyball, throwing a Frisbee and more. Of course going to the beach also means hopping in the water to get your feet wet or taking a swim. Unless someone is adamant that they do not like the sun or being around crowds, the beach should be a great getaway.
  2. Whale watching – Take it a step further and think whale watching in Newport Beach or another spot. Whale watching can be both informative and fun at the same time. Getting to see these large mammals right in front of your eyes will give you a better education of how they live. As they migrate up and down the coast, you get quite an experience. When you have kids, look at the amazement in their eyes as they see these creatures up close for the first time.
  3. Heading out for a hike – There are not too many better ways to get exercise and have fun at the same time. Going out for a family hike is one of them. Pick a trail near your home or an hour or two away. Once there, map your course so you do not have trouble getting back to your starting point. Take water, a backpack with some first aid items, a comfortable pair of shoes, and of course sunscreen. If you are on a trail that offers plants, trees, animals and more, have your camera ready to snap different shots.
  4. Going to your local park – You may not have to travel too far to find fun and relaxation. If you haven’t up to now, check out your local park. Parks can be a great place to go to relax and forget about the daily grind for a few hours. From games to sitting there and taking in all the people watching, you will likely be back again for a visit.

No matter where you go as a family for the day, make sure you have fun and forget your troubles.