Are there any consequences if I were to cancel my credit card?

Nah. Cancelling a credit card is perfectly fine. At most, a small dent to your credit rating.

As long as you pay your bills on time, pay back your loan (if you take up one) on time, you will be fine.

Things only get worse if you don't pay back as this is a signal to the banks that you might default on your bills. Then, that will have serious consequences, like unable to apply new credit cards and/or loans.

Cancellation of credit card will have impact on credit score, especially if the card you are cancelling is your oldest credit card. But the impact from this is quite small as compared to if you missed your payments or pay minimum payment.

Recovery of credit score is possible if you continue to pay on time and in full every month and build your credit history. But it will take time for it to recover.

Factors that affect your credit score
1. Utilisation pattern (amount of credit used)
2. Recent credit (if you have applied for a lot of cards or loans within short period of time)
3. Account delinquency data (late payment)
4. Credit account history
5. Available credit
6. Enquiry activity (no. Of new application or no of times banks pull out your credit report for loan application)

The lower your credit score, the higher chance banks can reject your loan application.