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August 06, 2006
How Many Credit Cards Are in Your Wallet?
We may have five or six credit cards, maybe more.
We juggle the payments, do balance transfers, try to remember what we owe on each balance, what the percentage rates are for each card, and when payments are due.
Our goal is to get down to one or, if we're compulsive spenders or gamblers, zero credit cards.
While we still have a balance due, however, we don't take chances.
We cut up all but one (or all) credit cards so we're not tempted to use them and create more debt.
We keep the card with the lowest interest rate (or a debit card) for emergencies only.
We call the credit card company and ask that our credit limit be lowered.
Today clean your wallet of excess credit cards. Be sure to keep your credit card spending to an absolute minimum.
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