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Bankruptcy Help For Everyday People

Can you tell if you have more credit cards than you need?

On Behalf of | Aug 13, 2021 | Credit Card Debt Relief |

It’s easy to amass substantial credit card debt in North Carolina and in other states. There could have been unpaid bills stacking up. You lost your job and now you use your credit card too frequently to pay for expenses. You lost track of your balance until it ballooned to an unmanageable size. Or, maybe you got lured in by zero-interest balance transfers only to have the interest rate skyrocket at a later date.

Any of these scenarios might describe your situation. These days, amassing more credit cards than necessary is a breeze. Credit card companies are always sending out enticing material telling you that their cards are the ones you “must” have and what a perfect customer you will be. Resisting their well-crafted pitches takes ironclad willpower.

Examine your circumstances carefully before signing on for additional “plastic”

Try to be objective and realistic when deciding how much plastic you want to sign up for. “Ultimately the number of cards someone should have depends entirely on personal situation and financial history,” states Forbes Advisor. “Some remain fine with one (or even zero) and others can thrive with a handful.”

Experts say pay 100% of the balance on each of your credit cards on a monthly basis. That’s not simple if your income is limited or stretched thin. If you can manage it, great. If not, beware of the financial burden you are taking on. 

Some people choose not to have any credit cards, instead opting for just a debit card or cash to pay for purchases and bills. That solution won’t work for everyone, and generating a credit score that way could be challenging. Still, you will probably stay out of financial quicksand.

Objectively decide what works best for you

Be cautious when getting more credit cards. If you’re already overwhelmed with credit card debt, it may be time to explore other legal options for debt relief. You don’t have to stay in a vicious cycle of debt forever. 

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