You'll have a very "colorful" financial history and like to result in difficulty for you to obtain any additional credit (and I'm not just referring to credit card credit) from any banks.

@fastcoder

Perhaps you misunderstood me ... I mentioned the main problem is the population itself / people. I believe the root cause is actually poor financial planning.
What you highlighted is a cause but addressing it will not solve the larger (and real) problem itself. You have to look at the root cause of the problem.

Let's end the debate ya (once and for all) ... this is a thread focusing on credit card after all.

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Added on September 26, 2011, 4:55 pm

Whatever you decide to do, it will be reflected in your financial history and viewable across all banks. (I'm sure you and everyone knows this)

Different banks have their own risk management policies when evaluating customers. I'm not here to judge what you intend to do but you know on your own how many cards and quantum of amount are to be effected by your decision. And you also have to take into consideration your total exposure and practically your financial history for at least a span of 12-24 months.

Some may choose to yellow flag or even red flag you based on the "information" which you choose to display to the banks.

I'm saying this because some may respond that I'm being too conservative ... but only you alone understand the severity of the decision you are about to do.