I know it sounds easier said than done. In fact many will say that cancelling your credit cards will help you stop spending. The truth is it will help you to not spend any more on that certain card but spending is a habit that is hard to break and it has nothing to do with your cards.
What to do first
First you want to stop adding debt to your cards and the best way to do that is to cut your cards. When cutting your credit cards you want to cut the magnet strips along the top first. Do not cut the entire card yet; reason being you may need it later on when you call to cancel the card.
Cancelling your Credit Card
The next thing you want to do is call in to the bank that issued you the credit card and ask them to cancel your card. You can find their number on the card or if you run a free credit report the numbers will appear next to the companies that have issued you credit. Look for the number that matches the card you want to cancel. They will try to ask you certain questions or even lower the credit limit so you can keep it but just tell them no thanks.
Most Important Step
As soon as the rep that you are talking to tells you that your card is cancelled and no longer active be sure to have them send you that information in writing. This is a vital step because you want to make sure you have proof that you cancelled the card and that later down the road they cannot charge you any more for that particular account.
These steps are the proper way for to cancel your credit card, Students loans and business loans are handled the same way.
