Should I cancel my credit card?

[lifejoy]

I would like to cancel my visa because I *love* online shopping; it is my vice. Some people drink, some gamble, I shop. I don't do as much shopping in person because it's harder to part with your money. (And when it's -30 outside, I don't go to the mall. Haha!) Also, when you look at a picture of something online you can dream about how perfect it is. When you see it in real life, perhaps the illusion is shattered and it's easier to not buy. I also love receiving packages in the mail! Gifts to myself. Anyways, trying to stop.

Question: Do you think it would be bad for my credit rating to not have a CC anymore? I have always paid it on time, but I'm looking to minimize my discretionary spending.

Also, I would be able to borrow my bf's visa and give him cash for the purchase if I ever REALLY needed to use a CC. But I will miss building up the visa rewards points which I use for flights - flights that are not always optional, because I live far away from family and place family visits once or twice a year as a priority.

Thoughts? This question was brought on by the crazy notions repeated in the "Overheard at Work" forum.

[marty998]

Also, when you look at a picture of something online you can dream about how perfect it is. When you see it in real life, perhaps the illusion is shattered and it's easier to not buy.

Interesting insight into the female mind :) Marketers really have perfectly understood what makes shoppers tick. They already know you (collective noun) love shopping, and they keep you on the treadmill by getting you to fantasise about it.

Question: Do you think it would be bad for my credit rating to not have a CC anymore? I have always paid it on time, but I'm looking to minimize my discretionary spending.

Also, I would be able to borrow my bf's visa and give him cash for the purchase if I ever REALLY needed to use a CC.

This is not really a question about credit. I don't want to be judgemental but I think it is more a question of self control.

[Cincy Stache]

Even if you don't use it anymore, I would not cancel it.  Just cut it up and throw it away...  So long as there is no annual fee the account will remain open and not hurt your credit score by the cancellation.

[Paul der Krake]

That's the easy way out. If you work hard to change your attitude towards purchases to eliminate the underlying behavior once and for all, you won't be tempted in the future, regardless of your access to plastic.

It's kind of like the people who go on a diet and rid their entire household of "bad" food, only to relapse and binge when a coworker brings cupcakes at work or at the next family gathering. These hacks are just that, hacks.

Good luck!

[YK-Phil]

Also, when you look at a picture of something online you can dream about how perfect it is. When you see it in real life, perhaps the illusion is shattered and it's easier to not buy.

Interesting insight into the female mind :) Marketers really have perfectly understood what makes shoppers tick. They already know you (collective noun) love shopping, and they keep you on the treadmill by getting you to fantasise about it.

Question: Do you think it would be bad for my credit rating to not have a CC anymore? I have always paid it on time, but I'm looking to minimize my discretionary spending.

Also, I would be able to borrow my bf's visa and give him cash for the purchase if I ever REALLY needed to use a CC.

This is not really a question about credit. I don't want to be judgemental but I think it is more a question of self control.

I think it is a misconception that women spend more money on shopping than men do. I don't have time to back this up with evidence, but I have read many articles about that. While women might be more inclined to buy little things here and there, new clothing, shoes, makeup, accessories, etc., the amount of their non-essential spending is generally much smaller than that of men who tend to spend big money on much bigger ticket items such as faster cars and bigger trucks than they need, motorcycles, ATV, snowmobiles and other "toys", professional power tools they will use a few times, etc.

[lifejoy]

This is not really a question about credit. I don't want to be judgemental but I think it is more a question of self control.

That's the easy way out. If you work hard to change your attitude towards purchases to eliminate the underlying behavior once and for all, you won't be tempted in the future, regardless of your access to plastic.

It's kind of like the people who go on a diet and rid their entire household of "bad" food, only to relapse and binge when a coworker brings cupcakes at work or at the next family gathering. These hacks are just that, hacks.

Good luck!

Ahhhh so true!!! Thank you for pointing this out. I was looking at it like smoking - I wanted to quit cold turkey! But maybe putting my visa in the freezer and removing the numbers from Amazon will help me out. Baby steps.

[Cromacster]

Removing the card from amazon would be a good first step.  Those evil devils that created 1-click purchasing!