John Ulzheimer, President of Consumer Education for Credit.com, appeared on Fox Business this week to explain how canceling credit cards can hurt your credit scores. The interview gives a great visual explanation of how closing one credit card account can impact your total revolving utilization and lower your scores.
John also goes into detail on why avoiding credit is a bad idea and how the best strategy for managing credit and credit cards is to learn how to manage and leverage them responsibly. Watch the clip:
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