How many credit cards are too many? According to this article, there is no magical number but there are tell-tale signs that indicate perhaps you have too many cards.
According to Experian, the average number is 3. However, in my experience, most people I konw and everyone I represent has more than 3 cards, especially when you start counting all those department store cards you opened to get that additional 15% off.
The best rule of thumb is this: if you are struggling with your credit card debt, you have too many cards.
If you are wondering how many cards you actually have, a good idea is to pull your credit report to see what cards you may have opened and forgotten about. If you are missing some payments, it may be due to the fact that you might have too many cards to juggle. Also, if you use too much of your available credit, then this could be negatively affecting your credit score. Too many cards will also result in many inquiries into your credit score, which will also depress your credit score. If this is just the tip of the iceberg and you are struggling with large credit card balances, the better thing to do is to consult with a debt settlement attorney like us who can assist you in resolving your debts and getting those balances to zero.
Kevin Fallon McCarthy
Latest posts by Kevin Fallon McCarthy (see all)
- Different Ways to Get Out of Debt - January 22, 2019
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018