This is one in a series of 10 posts to help you get, and remain, financially healthy. It’s best to start at this post. [click here]
Let me start by saying “I am not one of those who thinks you should have zero credit cards. But I am of the mindset you do not need multiple credit cards.” Ideally, you only need one good credit card.
If you’re doing all the work to eliminate debt… then why keep temptation around. If you carry around a bunch of credit cards you’ll end up adding to your debt and sabotaging your plans to get rid of the debt.
And anyway… do you really need all those credit cards? What the heck is wrong with cash? Cash has been good for quite a while and it still spends the same. If you run into a situation when a credit card is needed, just keep “one” card around for those situations.
However, I think you’ll find with a little pre-planning and a little change in habits, the need for credit card use will diminish greatly.
So after you’ve created your debt management plan, pick out one good card with decent benefits and place the remaining in deep freeze.
The last topic we’ll discuss is Estate Planning.