It is a highly personal decision to decide whether or not to have multiple credit cards. On one hand, having more than one credit card can provide you with several benefits. For example, it can help you better manage your finances and track spending, build your credit history, and even earn rewards points from different cards. Additionally, if you have an emergency expense, having multiple cards can come in handy as it would provide you with additional sources for cash.
On the other hand, carrying multiple cards can also increase the chances of becoming overwhelmed by debt and fees. With each card comes interest rates, annual fees and other charges that should be taken into consideration before deciding to add more than one source of debt to your wallet. Mismanaging this type of debt can lead to significant financial consequences such as late payments or overspending which could result in an increased risk of bad credit score or worse – bankruptcy.
Ultimately, the choice of having one or multiple credit cards depends on a person’s financial situation and tolerance for risk. Those who are good at managing their money responsibly may find benefit in having multiple cards while those who tend to struggle with keeping up with payments should think twice before taking on another piece of plastic debt. Before signing up for additional credit cards it’s important to consider all pros and cons carefully and determine if the potential benefit is likely to outweigh any risks associated with them.