So I turned to a few different personal finance blogs for the answer. After reading what these folks had to say, I’m still up in the air about what I should do. Some say close them and others say leave them open but don’t use them. It seems to be a never-ending debate about the proper way to handle these open lines of credit. I guess I’ll have to sit down and go over my 2008 goals and figure out which path is best for my situation.

I have no intention of using any of these cards so that’s not really an issue. The only consideration I’m taking into account is the effect it will have on my credit score since my wife and I are planning on buying a house within a year.

If you’ve been faced with this decision to make, did you close the cards or keep them open and why?

I am very optimistic about the coming year knowing that my credit card debt has been eliminated. I didn’t do anything spectacular to get rid of it. I simply followed some advice I found on other blogs – consolidate to a low interest card, pay more than the minimum and set goals.

I feel totally relieved knowing that all my credit card debt is gone. This allows me to max out my 401k, save for a house and build up an emergency fund. From now on, if I can’t pay for it in cash, I don’t need it.

I guess I started my New Year’s resolutions a day early!