Web Extra: Cancel Credit Card?

Saturday, 24 Jan 2009 | 12:34 PM ET
OTM Web Extra
CNBC's Carmen Wong Ulrich helps viewers manage their personal finances in this On the Money Web Extra.

Tim from Massachusetts asks: As my bank is not extending much credit, and my card is paid off, should I cancel it? How do I get other credit card companies to increase my limits so I can consolidate?

Watch the video to find out the answer - and see why John Ulzheimer says you must replace any lost credit limits from a cancellation with another card.


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