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Everyday we get lots of credit card applications within our mail boxes. Banks and credit card companies provide credit card deals for different reasons to suit everyone: reward credit cards, business credit card deals, scholar credit cards and etc. No matter what your credit rating is, you can always find an offer for you.

Using bank cards, we are able to earn money back, free movie tickets, savings, free flights and lodge stays, etc. That's why having yet another credit card offer in your mail box it's really easy to deliver the temptation to use for a brand new credit card deal. But there's a question: how many charge cards you'll need? Could your credit history be affected by the number of credit cards you own?

The studies show that a lot of Americans use from five as much as five credit cards. An average American family owes to credit around $12,000 when an average household is only $ 50,000. Their personal credit card debt makes 24% of the annual income and it is without mentioning their car loans and mortgages. Isnt the research is scary?

The main question is: How many charge cards you'll need? Economic authorities believe that several credit cards are quite enough and encourage credit card owners to reduce the number of credit cards they own.

Remember, that the outstanding balance is vital to creditors. The balance must certanly be 50% and between 25% of the accessible credit on each credit card of yours. The potential creditors will rarely have much rely upon you if you overdraw your balance.

Before applying for yet another credit card, look at the fact that the less the amount of credit cards you owe, the easier it will be for you to keep get a grip on of one's balance. Consider, having 2 gas credit cards, 3 reward credit cards and a business credit card dealat the same time frame, you can have many problems in keeping under control of one's debt on all these cards. However, if you possess only two or three cards, you'll manage to keep an eye on your spendings and will know in which you stand along with your balances!

Using fewer credit cards, you'll believe that your credit cards work for you however not you work for them. It may also help you to decrease your whole debt. So, consider your needs and uses carefully before trying to get a new credit card in order to have the card that will fit your entire needs. Mind the most critical is not to own several credit cards, but to acquire a credit card that may provide you with all the current features you need. how do you repair bad credit