Open up a piece of junk mail and you’ll find an application for a credit card. Go to the local grocery store and you’ll be asked by the cashier if you’d like to apply for their store credit card. It’s no wonder that millions of people nationwide have more than one card that they use on a routine basis. There are clear benefits and disadvantages to having so many cards, and many use their cards for reasons other than being able to make large purchases they can’t outright afford.
In fact, a good majority of people have a series of credit cards because of the simple fact that it builds credit. Unfortunately, credit cards are one of the only ways a person can build viable credit. If you never take out a credit card, you may go through life with no credit at all, which is just as problematic as having a bad score.
The issue that comes with credit cards is that they can become overwhelming relatively quickly. If you aren’t careful with your credit card management, you’ll start becoming late on payments and ruining the credit score you were trying to improve in the first place. This is why it’s crucial that you start out with just one credit card and understand how to manage it fully before taking out another. Credit card debt is one of the most common reasons for monetary problems in the country, so it’s best to avoid it altogether before it consumes you.