Deciding if Having Multiple Credit Cards is Right for You

It is perfectly acceptable for you to keep numerous credit cards in your wallet. If you know how to properly manage them, it can actually be advantageous to have a few different cards. But, it is learning how to manage them properly that causes most people trouble.

In most cases, people with many credit cards are those who applied for several cards in order to get themselves out of debt. If this sounds familiar, you need to find a way to end the cycle of debt. By getting more cards to pay off other bills, you will likely find yourself getting buried more and more by debt. Instead of applying for more credit cards, apply for a bank loan instead. The interest rate will be far better and you will be less likely to continue adding to your debt.

The only time it is really advisable to have multiple credit cards is if you are trying to build a credit history and you are paying the cards in full at the end of each billing cycle or if you are taking advantage of the rewards each of these cards offers. Even if you are using the cards one of these purposes, it is still best to keep only three to six cards.