There was a time long ago when I didn’t have debt. I get to revisit that time again — partially. Two weeks ago, I completely paid off Chase and Orchard Bank.
Coincidentally, both of these were a considerably low balance ($200 or less) on them, but I looked at my interest rate and I was stunned. They were charging me 28% interest (Ouch!) on them and I paid little attention to it. Well, high interest can’t hurt me if there’s no balance, right?
My only question is do I keep the account open to have it reflect some (good) remarks on my credit history? Right now that matters to me, since I made some awful mistakes and still will be mending the financial damage I’ve done to myself.
I’d like to know what some financial pro’s think about me retaining a zero-balance credit account. Let me know in the comments! 🙂