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How to Manage Multiple Credit Cards

It has already become normal for us to receive application from credit card companies almost every single day. There are several types of credit cards for every individual, such as those meant for businessmen, students and professionals. With every credit card that is available today, it seems like they are all able to tap the requirements of every person.
Together with these applications, there are those that include promos like plane tickets, rebates, gift items, or hotel accommodations, and they are given away every time a person sign ups. These are a few reasons why many people can’t resist signing up credit card applications.
How many credit cards do you have? If you’ve answered more than 3, do you actually need all of them? These are the questions that you need to contemplate on.
According to studies, a huge percentage of U.S. residents are holding 5 credit cards to as many as 10. It even revealed that an American household has an average yearly income of $50,000 and $12,000 of which goes to credit card bills. This shows us that more than 1/5 is allocated to debts on credit cards alone. They yet have to add up car as well as mortgage loans.
Let me ask you again, do you need all the credit cards in your purse? Experts say that 2 to 3 credit cards are already sufficient, and going beyond those numbers may put you in an uncomfortable situation.
Loan providers base their trust rating on the borrower’s credit card spending. They say that your spending should be at least 25 percent to not more than 50 percent of your total allowable credit limit. If you exceed, loan providers might just reject your loan application. This is how credit cards can affect your credit rating.
You have to think a million times before getting hold of another credit card. It is easier to manage your bills if you only have a few to monitor. Just imagine how hard it is to keep track of due dates and budget your monthly income if you have so many credit cards. If you unintentionally missed one bill, you will even have to pay an additional charge.
The lesser credit cards you have, the better. If you don’t feel the need to have another credit card, just ignore the credit card applications that are being delivered to everyday. It is important that you decide according to your needs and not on your wants.
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