I don't mind keeping contracts open as ongoing, but it does lead to a lot of clutter, and it's true if one is left to go for ages it can be hard to remember about the contract. I'm left in a situation where I've about fifteen contracts I want closed. the problem is that if you contact the client and they don't respond, you can close it yourself, but it shows on your profile as a job closing NOW, with no feedback. So imagine if I now try to do that for say, ten of them - my job history would consist of a long list of contracts with no feedback, and all the good stuff hidden somewhere under it all. I'm trying to proceed by closing one of them for every two or three good feedbacks I get - but it's painfully slow.
So with the benefit of hindsight I would advise anyone not to let their stale contracts pile up, because the longer the list gets the harder it is to deal with