Why Would Anyone Need Ten Credit Cards?

According to Experian National Score Index 14.1 percent, or 39,680,489, of all U.S. consumers hold ten or more credits cards. New Hampshire, New Jersey and Massachusetts consumers top the list at 20.3 percent, 20 percent and 18.9 percent respectively. What are these people thinking? Who in their right mind would want ten or more credit cards? For many people one card is one too many.

Credit cards are great if you can payoff the balance in full each time you receive a bill. In effect you get a free 30-day loan. But if you have an unpaid balance, you get stuck with interest payments that even the Mafia might have trouble charging.

So the next time that you receive an unsolicited invitation for a new credit card, tear it it up and toss it out. Accumulate money in your savings account not credit cards in your purse or wallet.

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Save Now So You Can Spend Later

Posted March 4, 2007.