Folding the suit is OK but it's not the correct thing to do. Most people do not fit ideally into a stock suit, so your situation is very common. You cant just cut off the excess because then the ankle will be too big, because what was once the calf is now at your ankle. The best thing to do is take it some where that dose wetsuit repair. They will be able to shorten the suit and take it in at the bottom of the leg for a better fit. Sometimes it pays just to go custom and not worry about the little differences in our bodies. I know that Wetwear in South Florida dose these types of alterations
.check them out.