too many credit cards

The reason why people with many credit cards get in too much debt in my opinion are these: 1. Banks and financial institutions are not giving you credit because they feel for you. It is a business. 2. Most of the people who use Credit Cards should not have been given one in the first place. 3. The reason why Number 2 exists is because of Number 1. Responsible people won't make the banks any money! Really though, if you don't have the money to buy something, don't use your credit card unless its an emergency. An emergency is not about you having a bad hair day. It doesn't matter how many cards you have, be responsible and you won't be in debt.

I do not think that credit cards automatically lead to long term debt. I have several credit cards, but do not have an issue with debt. I choose to buy things on credit cards as opposed to debit cards for the following reasons: 1) They help to build up a credit rating, which is important when it comes to needing line rental in your home, or a mobile phone contract. 2) They offer discounts, the most recent credit card that I took out offered a 10% initial discount. This saved me £10. 3) Some offer cashback or points every time you spend on them, therefore if you do your regular spending on them then you can get "free" items every so often.

While it is true that having more credit cards can make us impulsive to shop more, the only advantage of having more credit cards is that if you have already made purchases using one of your credit card and unable to pay the bill the following month what one can do is use the other credit card to pay the bills which actually lessens our burden from pay extra interests... I personally prefer using Debit cards and I strongly believe in spending within my limits and also at the same time I take of my bank balance so that it is not below the threshold. So I can always make sure that I can manage the crisis.

Having a credit card can entice you to impulsive buying. With the credit card you have a purchasing power that you never have with your salary. It gives you the power to buy things of bigger amount. A lot of people is now in trouble because of their credit cards. They keep buying without first thinking if their salaries could afford to pay them. What is more ironic though is they would say with credit card you get to pay "lite", but little do they know that if they do that they keep paying too much interest but little of the principal. Thus, the huge indebtedness. We should learn how to control ourselves.

Hey tikbalang56, I know just what you mean. However, for those that know when and when not to spend, it is alright. Some credit cards even offer rewards for using them, which could be beneficial if you pay it off immediately, without interest.

That is one of my reasons why I don't have one. I'm a woman, and women loves shopping. Credit cards tempt you to shop things you do not actually need. I remember the movie "The Confessions of a Shopaholic" that was a great movie for those who loves swiping their credit cards. While shopping with it you had a feeling of being escalated and you feel happy. But after that you don't realize that you are already digging a hole for you be buried on.

There are a lot of people who lives beyond their means. The sad thing is some of them do this to please people that they don't like. I'm also against parents giving their teens credit cards. I'm all for giving an allowance and helping them manage money but a credit card is another thing. I never had a credit card and never will because I am an impulsive buyer and I know I will drown in debt if I will have one. I have a debit card though and I think that is lot better. It is also not safe carrying a large amount of money with you.