Do You Really Need That Extra Credit Card?

Avoid Extra Credit Cards

First Published Date: Nov 30, 2009

It may appear that today many Canadians are walking a sort of a tightrope and the decision they make may not really be about whether or not to have a credit card but how many they are going to have in the first place. We all know with acclaim that with a credit card you can get to spend money you do not have, as long as you are able to pay up when you earn, there really should be no cause for alarm. Depending on how efficient you are with your payments, this can either be a blessing or a curse.

There is so much freedom and ease in amassing credit cards these days that one may need to really ask themselves if the really need to have that extra card they are applying for, or they just want an extra reason to spend money they have not earned. Because we do not have to pay upfront, there are many people who will get the extra card just in order to beat the limit they have in the other card they have, thus managing to acquire stuff they otherwise would not be able to afford. Of course the truth of the matter is if you are short of cash and you really need something, all you do is pull out your card and the shop attendant will swipe it and you walk away with all you ever needed, just as simple as ABC. It can come in handy when you are between the devil and the deep sea in some situation, which at times could actually be life saving.

We all know also that having a credit card helps you avoid the inconvenience of having to walk around with lots of cash and with a good use of one you will be able to track all your expenses. Shopping can become quite convenient and for those who may want to borrow some cash in future they provide a good credit history for you. There are even some companies who offer special discounts for those who shop using their credit cards and so you can imagine that there are plenty of advantages of owning a credit card. All you need to take care of is the management of your debt repayment and you will be safe.

However, just like with any other good thing there is always the downside of having a credit card. It becomes very easy fro the frivolous spender to amass a big amount of debt in small bits until most off the time they discover they are buried deep in it. In a little while many people discover that they were actually spending money they were not going to have in the next many months, it is no wonder that some people are many months ahead of their income in debt.

So do you need that extra card really? If you have managed your life without one you most likely can move on without a card, do not go for an extra card if at anytime time you have fallen behind in payment with your current one. Depending on what you earn, multiple credit cards may actually mean multiple problems and since the decision is yours to make, remember the responsibility will also be yours to settle the payments.