Credit Card Worries

[attagirl]

How many credit cards are really needed by one person? How do you know when you are going too far into debt? how can you control your spending?

[APhillips86]

I don't really see why one person would need more than one credit card. I would say stick with one credit card unless you absoloutly need a second one. Only buy what you know you can payback when the bill comes in, and try to pay the full bill in whole if at all possible to avoid high interest costs.

[FinD]

I agree with the last comment, you only need one credit card and even then it should be used wisely.

You're causing more problems for yourself if you're wanting a credit card just to pay for clothes , eating out etc. The more credit cards you have the more you have to pay back! Its not free money!

Only if your desperate would I suggest having a second credit card and pay off the balance in full soon as possible, as a way to cut out any extra interest costs!

Check out all the options and types of credit cards before you sign up for another one.

[Consultant_Lorens]

Originally Posted by attagirl

How many credit cards are really needed by one person? How do you know when you are going too far into debt? how can you control your spending?

Hi there,

I would suggest that you can own multiple credit cards and make the most out of the free interest period, the reward points, the discount offers that come along provided you are smart enough to pay up your total outstanding on the due date.

To play safe, keep two credit cards. And segregate your expenses on the basis of small and big time purchases. Preferably keep one card for buying grocery, clothes among others at supermarkets and utilize the other card strictly for high end purchases such as a home theater, a TV set, computer and the like.

Managing multiple credit cards also means keeping track of the due date, interest free period, the maximum credit limit among others. But then there are other benefits too. For instance you can easily split the huge cost of big ticket purchases between two cards. That way you don’t have to worry about exceeding the maximum credit limit on one card.

I hope the information is useful to you.

Regards........