Surrendering credit, in the context of finance, typically refers to voluntarily giving up your credit card or other line of credit. This is usually done when you're unable to manage your debt or if you're planning to file for bankruptcy.
When you surrender your credit card, you're essentially closing that account. This can have a negative impact on your credit score, especially if the account has a balance or if it's an account that you've had for a long time.
It's important to note that surrendering your credit card doesn't absolve you of any outstanding debt on that card. You're still responsible for paying off the balance.
Before surrendering your credit, it's recommended to speak with a financial advisor or a credit counselor. They can provide guidance on whether this is the best course of action for your specific situation.
Written over 80 years ago, this is a book that is as relative today as it was when it was first writ...
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