What is the Ideal amount of credit cards to have?
What is the ideal amount of credit cards to have? The quick answer would definitely be "zero". However, many people just might disagree.
So, what about one credit card? Can we keep up with our payments, avoid late fees and otherwise maintain a respectable credit rating? Uh, credit rating? What's that? Hmm..another day, another topic, I suppose.
Maybe, two is the ideal amount. Yet, can we avoid the apparent balance transfer trap?
There are probably many people who have benefited from credit card balance transfers. But I am not one of those people.
What about those people who have three or more credit cards? There are two scenarios that come to mind. They are either buried in credit card debt or they pay off their balances EACH MONTH on a regular basis.
As we seek to determine the IDEAL amount of credit cards that one should have, two questions come to mind. First, what are the negative aspects or drawbacks to having one, two, three, or more credit cards. Secondly, what are some of the benefits as well as the disadvantages of having zero credit cards?
Check out a few other ideas regarding the ideal amount of credit cards. Then post your thoughts!
Bankrate.com - "How Many Credit Cards Should I Have?
Creditshack.org - "How Many Credit Cards Should I Have?
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri-
Columbia, University Outreach and Extension &Cynthia E. Crawford, Ph.D., Consumer
& Family Economics Specialist, University of Missouri-Columbia, University Outreach
& Extension "How many credit cards should I have?"
So what's your opinion on the ideal amount? Post your responses!
So, what about one credit card? Can we keep up with our payments, avoid late fees and otherwise maintain a respectable credit rating? Uh, credit rating? What's that? Hmm..another day, another topic, I suppose.
Maybe, two is the ideal amount. Yet, can we avoid the apparent balance transfer trap?
There are probably many people who have benefited from credit card balance transfers. But I am not one of those people.
What about those people who have three or more credit cards? There are two scenarios that come to mind. They are either buried in credit card debt or they pay off their balances EACH MONTH on a regular basis.
As we seek to determine the IDEAL amount of credit cards that one should have, two questions come to mind. First, what are the negative aspects or drawbacks to having one, two, three, or more credit cards. Secondly, what are some of the benefits as well as the disadvantages of having zero credit cards?
Check out a few other ideas regarding the ideal amount of credit cards. Then post your thoughts!
Bankrate.com - "How Many Credit Cards Should I Have?
Creditshack.org - "How Many Credit Cards Should I Have?
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri-
Columbia, University Outreach and Extension &Cynthia E. Crawford, Ph.D., Consumer
& Family Economics Specialist, University of Missouri-Columbia, University Outreach
& Extension "How many credit cards should I have?"
So what's your opinion on the ideal amount? Post your responses!
posted by John.J.Crawford | 12:39 PM
1 Comments:
Ultimately ZERO. But my wife and I have one each and they are at 7.99% and 9.99% APR. I dont know why we keep them or feel a need to hang onto them. We won't use them for months at a time, but sometimes we use it for a purchase here or there. I dont think its a security factor because that is what your emergency fund or savings is for, but its always good to have this day and age a credit card. My only rule is that we pay it ALL off every month, regardless. Those interest rates can be brutal.
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