Consumers in Ohio who are concerned about their struggle to manage monthly credit card payments because they have too many cards may be considering closing some of their cards. However, under certain circumstances, this may not be a wise decision. Although it is true that overwhelming credit card debt issues can possibly be resolved by filing for bankruptcy, there may be other options.
Too many credit cards can easily cause too much spending, in which case, the consumer may want to close several of them to avoid accumulating more debt. However, this can adversely affect the person's credit score. Also, existing debt on those cards will still have to be paid. Keeping the cards without using them will not increase the debt load. However, cards that are subject to annual fees can cost the holder large amounts of money every year.
Instead of just closing those accounts, it may be beneficial to attempt negotiating lower fees or a move to no-fee cards. If that fails, closing the card may be an option. It can also be a struggle to manage the correct payments before the due dates on multiple credit cards. Setting alerts as payment reminders may resolve that issue.
Unfortunately, it is not uncommon for consumers to realize the problem caused by too many credit cards when the debt load is already unmanageable. The most appropriate step in such circumstances would be to consult with a skilled Ohio bankruptcy attorney who can explain the available remedies. Learning about the protection that is offered by the U.S. Bankruptcy Code may help a consumer to make informed decisions that may offer a fresh financial start.
Source: blog.credit.com, "I Have Too Many Credit Cards. What Can I Do?", Kali Geldis, June 29, 2016