If you check your mail, one item that most people are sure to see several times per month is an invitation to apply for a credit card. Credit card offers have inundated us, whether you are a college student or even a senior citizen. It seems that almost every bank and credit card company are in stiff competition to see who can offer credit to the most people as possible. However, before you apply for your next credit card it is important to take several things into consideration.
How Many Credit Cards are Enough?
People love to collect items that are associated with wealth and exclusivity; however one item that you shouldnt collect is a credit card. Having more than two or three credit cards can exacerbate credit issues usually due to the ease in which a person can borrow beyond their means. For instance, if a person has only two credit cards each with a limit of $3,000 each, the individual will most likely be able to climb out of a credit hole if both credit card limits are maxed out. However, if you have five, six or more credit cards with a total limit in the tens of thousands of dollars, it is no longer easy for a person to climb out of a credit hole; in fact...
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