It's all in how you use your card. Personally, I think one credit card should be enough for any person. Consider these points before applying for your credit card:
- How are you planning to use your card? Interest rates are much too high to use a credit card as a loan.
- Can you pay the balance off every month? If the answer is no then you should apply for a bank loan instead, they have cheaper interest rates than a credit card.
- Are you a compulsive buyer? If so maybe cash is a better way to control spending. Packing a limited amount of cash will slow down your spending.
- Do you need to keep certain expenditures separate from other expenditures? A credit card for specific expenses may work - if you pay the bill off every month!
- Are you observant and responsible? You need to keep track of your credit card – don’t lose it! - and review statements to catch errors and avoid theft.
Remember a credit card is relatively easy to get but nothing can drive you into debt faster than the unquestioned credit available from a credit card.
PROCEED WITH CAUTION!
