I don't like cancelling credit cards because of the adverse effects on the credit rating.

Funny. I thought that one's ability to get a loan was often dependent upon their debt potential. For instance, if I have enough open credit cards to run me up into bankruptcy, I would be less likely to be approved for a home loan than someone without a bunch of open credit cards but with the same current-debt-to-income ratio.

I should ask my wife about this, since she's a banker.