PAYING OFF HIGH-INTEREST credit card debt is an important step toward financial freedom, and Americans have taken this standard personal finance advice to heart. According to data from the Federal Reserve, revolving credit balances (primarily credit card debt) dropped more than 11% from 2019 to 2020. Analysts believe the decline stems from a combination of spending cutbacks during the pandemic and billions of dollars in stimulus checks, which many consumers used to pay off debt.
If you find yourself with one or more paid-off credit cards taking up wallet space, should you close your accounts for good?
This story is from the August 2021 edition of Kiplinger's Personal Finance.
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This story is from the August 2021 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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