It may seem like a good idea to avoid getting into further credit card debt --- canceling your credit cards.
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But according to a recent survey by BankRate.com that is a decision people may not realize can do more harm than good.
That's because canceling a card you've had for a long time, shortens the average age of your credit history.
And under many scoring models, that means a lower credit score.
But just 42-percent of credit card holders surveyed knew about the negative impacts, while 15-percent didn't think there was any effect at all.
Older generations are more likely than younger consumers to have closed accounts.
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Seventy-two percent of baby boomer cardholders have canceled at least one card.
That's compared to 61-percent of gen-x cardholders and 50-percent of millennials.
The most popular reasons for canceling are having paid off debt, not using the card enough, and high interest rates or annual fees.
Experts say instead of it helping your credit score-- canceling actually hurts your number.
So experts say they recommend that you should just keep old accounts open, even if you don't use them, which will positively impact your credit score.
Take a look at more stories by Michael Finney and 7 On Your Side.