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Money Girl

Should I Cancel Unused Credit Cards?

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.61.8K Ratings

🗓️ 7 March 2025

⏱️ 10 minutes

🧾️ Download transcript

Summary

Laura answers a listener's question about whether canceling unused credit cards could help or hurt her upcoming home purchase.

Transcript

Click on a timestamp to play from that location

0:00.0

As a psychologist who spent years working with individuals navigating everything from anxiety to trauma,

0:10.0

I've seen firsthand how powerful the act of giving can be.

0:14.0

But let's keep it real. Life can be overwhelming.

0:18.0

We're juggling work, relationships, personal goals, and sometimes just surviving feels like enough.

0:25.6

So when someone suggests adding volunteering or giving back to that list, it might feel like just another task.

0:33.6

But here's the thing. Giving back isn't just about helping others. It's also one of the best things

0:39.6

you can do for yourself. Welcome back to savvy psychologist. I'm your host, Dr. Monica Johnson.

0:46.4

Every week on this show, I'll help you face life challenges with evidence-based approaches,

0:51.5

a sympathetic ear, and zero judgment. Let's dive into what research

0:56.9

tells us about the benefits of giving back. Studies consistently show that altruistic behavior,

1:03.2

whether it's volunteering at a local shelter, donating to a cause you care about, or simply

1:09.1

helping a neighbor can have positive effects on our

1:12.7

mental and physical well-being.

1:15.3

The first thing that it can help with is boosting happiness and reducing depression.

1:20.9

Research has found that people who engage in pro-social spending, so this is spending money

1:25.9

on others, report greater happiness compared to

1:29.2

those who spend money on themselves. This isn't me suggesting that you go and spend money you don't

1:34.7

have. However, I know many of us have fallen into the consumerism trap of getting the next

1:40.3

to Amazon find or similarly trending product. Based on these types of studies, it may make sense to find suitable ways to give back to others,

1:50.6

then it would be to buy another item that will just end up in a landfill in three months.

1:56.8

Another study published revealed that volunteers experience lower levels of depression and increased

2:04.2

life satisfaction. I often recommend to my patients that they identify a way of giving back

...

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