How many credit cards? - Online Consumer Forums Digital-Boards.com The Consumer Network

Mesoc · 03-02-2007

I got 5 credit cards right now, is this good? I don't like to have too many credit cards because its too dangerous if they get lost, plus more debt doesn't help.

Lloyd Brown · 03-02-2007

I cut up all my credit cards about 5 years ago. They are nothing but a trap.

Mesoc · 03-03-2007

oh, thats not too smart unless you have a nice amount for backup. God-forbid if something bad happens to your vehicle, accident, or you need a major repair, something happens to your house, medical bills, any kind of emergency.

Cobalt · 03-03-2007

I'm caught in two minds really - I know that credit cards are a complete rip off though I'm not currently in a position that I can afford to throw them away. The main problem I have is vehicles - I've had to scrap two cars within the last twelve months. The first turned out to be a deathtrap whilst the other suffered engine failure amongst other problems and it just wasn't worth fixing it.

I hope to avoid credit in the future, though for now I'll have to stick to the couple of cards that I own already. Not a huge line of credit mind, just enough to cover unexpected bills or purchases.

Lloyd Brown · 03-03-2007

Quote:

Originally Posted by Mesoc

oh, thats not too smart unless you have a nice amount for backup. God-forbid if something bad happens to your vehicle, accident, or you need a major repair, something happens to your house, medical bills, any kind of emergency.

Car and bike are under warranty and insured. Anything else, I have more savings that what I would ever want to put on a credit card.

Lloyd Brown · 03-03-2007

I figure if you can't afford to pay cash, wait until you can.

Mesoc · 03-04-2007

For a daily or entertaining expense, I will have to agree, use cold hard cash or your bank card. However, if your real good on your finances, and you manage to get one of those 3-5% cash back cards, I will disagree.

Say you spend $500 in groceries one month, with 5% cash back, you actually get $25 of your money back, just make sure you pay the full balance before the bill is due, and you have no finance charge!

Tanya · 03-07-2007

I think I have 6-7. But really only owe on one. The others may get some charges put on them, but they are paid every month, really need to change the places charging to those cards to a debit card instead.

jimberan · 03-13-2007

I own two credit cards but I stopped using them ages ago due to the problems it was causing. (debt) I started using debit cards from my banks and I only spend what ever I can afford and when the money is used up then my cards wont allow me to charge anything.

Exitium · 03-13-2007

I own 2 credit cards as well. I really only use one of them. I try not to use credit cards all the time, only when I really need to and I don't have any other option to pay with.

03-02-2007	#1 (permalink)
Mesoc Consumer Join Date: Feb 2007 Posts: 81	How many credit cards? I got 5 credit cards right now, is this good? I don't like to have too many credit cards because its too dangerous if they get lost, plus more debt doesn't help. Last edited by Mesoc : 03-03-2007 at 11:58 AM.

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03-02-2007	#2 (permalink)
Lloyd Brown Administrator Join Date: Sep 2006 Posts: 518	I cut up all my credit cards about 5 years ago. They are nothing but a trap.

03-03-2007	#3 (permalink)
Mesoc Consumer Join Date: Feb 2007 Posts: 81	oh, thats not too smart unless you have a nice amount for backup. God-forbid if something bad happens to your vehicle, accident, or you need a major repair, something happens to your house, medical bills, any kind of emergency.

03-03-2007	#4 (permalink)
Cobalt Consumer Join Date: Feb 2007 Posts: 50	I'm caught in two minds really - I know that credit cards are a complete rip off though I'm not currently in a position that I can afford to throw them away. The main problem I have is vehicles - I've had to scrap two cars within the last twelve months. The first turned out to be a deathtrap whilst the other suffered engine failure amongst other problems and it just wasn't worth fixing it. I hope to avoid credit in the future, though for now I'll have to stick to the couple of cards that I own already. Not a huge line of credit mind, just enough to cover unexpected bills or purchases.

03-03-2007	#6 (permalink)
Lloyd Brown Administrator Join Date: Sep 2006 Posts: 518	I figure if you can't afford to pay cash, wait until you can.

03-04-2007	#7 (permalink)
Mesoc Consumer Join Date: Feb 2007 Posts: 81	For a daily or entertaining expense, I will have to agree, use cold hard cash or your bank card. However, if your real good on your finances, and you manage to get one of those 3-5% cash back cards, I will disagree. Say you spend $500 in groceries one month, with 5% cash back, you actually get $25 of your money back, just make sure you pay the full balance before the bill is due, and you have no finance charge!

03-07-2007	#8 (permalink)
Tanya Digital-Boards.com Admin Join Date: Sep 2006 Age: 38 Posts: 136	I think I have 6-7. But really only owe on one. The others may get some charges put on them, but they are paid every month, really need to change the places charging to those cards to a debit card instead.

03-13-2007	#9 (permalink)
jimberan Consumer Join Date: Mar 2007 Posts: 21	I own two credit cards but I stopped using them ages ago due to the problems it was causing. (debt) I started using debit cards from my banks and I only spend what ever I can afford and when the money is used up then my cards wont allow me to charge anything.

03-13-2007	#10 (permalink)
Exitium Consumer Join Date: Mar 2007 Posts: 20	I own 2 credit cards as well. I really only use one of them. I try not to use credit cards all the time, only when I really need to and I don't have any other option to pay with.