In some cases it can be a great idea to cancel old and unused credit accounts. Especially the ones that are still charging you fees. But, before you just up and close your accounts, there are a few “dos” to consider.

For instance…
You should close the card that you aren’t using that is costing you the most money. There’s no need to keep a card that’s costing you fees, if you don’t use it.

Another “do” is to just know that you can cancel a card even if it still has a balance. That doesn’t mean the debt goes away. But it does mean no new debt will be charged.

Once you close your accounts, be sure to check your credit report regularly to make sure that there are no new charges added to your closed accounts.