Canceling credit cards: Does it help or hurt credit?

FALLBROOK – Credit cards offer many advantages, including providing a measure of insurance when making purchases and enabling an individual to develop a healthy credit score through prompt payment of balances. According to a 2016 Gallup report, about three out of four adults in the United States have at least one credit card; many people have two or three.

While there is no magic figure for how many credit cards is the “right” number to have, those shiny plastic cards can have a significant impact on consumers’ financial well-being. People looking to rein in spending or consolidate may make th...