A slip of the tongue?

The following sentence which appears to be a response to an interview has been included in a newspaper reporting people's reactions to the impending imposition of service tax by the Malaysian Government on credit cards in 2010.

Yeoh, who has six credit cards, does not think the small amount of tax will deter people from cancelling their credit cards, especially if they need the credit.

The sentence has got me perplexed over its meaning, and I believe it should have been

either: Yeoh, who has six credit cards, does not think the small amount of tax will deter people from applying for their credit cards, especially if they need the credit.

or : Yeoh, who has six credit cards, does not think the small amount of tax will lead (or cause) people to cancel their credit cards, especially if they need the credit.