Free gifts are great. And when free offers come in the mail, we may feel like were the most important person in the world! The problem is, when those free offers are from credit card companies, we may want to avoid signing up!
They like us because we have good credit. But it could be our financial ruin!
This is because credit card providers use the concept of risk measurement to determine who need to receive a credit card. And if your credit rating is good, you seem to be a good risk to the credit card providers. So they make many of their offers attractive.
When you get these great offers in the mail, you should consider very carefully before you jump in with both feet and get every credit card that comes your way. Why? Because credit cards are loans and the lenders feel you can only have so many loans out at once before it becomes unmanageable based on your income.
Its a downward spiral: Your credit rating is so good that youre thought of as a great risk. And because they think that youre a good risk, you get many offers. But because you get lots of offers and you sign up youre thought of as a bad risk! Even if you dont use all of the available...
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