Credit cards are very useful tools that many of us have become reliant on over the years, but having too many of them can make your life a lot more complicated than it has to be. One way to simplify your financial life may be to cancel your old credit cards. Here are some tips to keep in mind:

• Only cancel credit cards with empty lines of credit as you’ll want to keep the account open until you pay it off.
• Don’t let the credit card company know that you are thinking about leaving until you have paid off your balance, else they might increase interest rates if you try to cancel.
• Don’t cancel credit cards before taking out a loan, as it may hurt your credit rating in the short-term.
  

Canceling your credit card is easy, simply contact your credit card company and request to cancel your account. Some companies even make this an automated process that can be done by pressing a button on the phone! Sometimes, you will be forwarded to a service rep will try to convince you to keep your account - particularly if you are a heavy spender. Often times, they will offer discounts or special rates, but it is important to make sure that they are not temporary discounts if you plan on keeping your account active.