My friends saw my wallet and he asked me how many credit cards do I have today? I just replied I am not using a credit card, I prefer to use debit cards. He replied, why? I said, I don’t want to fall into credit card debt, besides, I already have my emergency funds, credit cards can only be useful if you know how to use it wisely by buying what you need and not by buying what you want.
I am always in the mall. I love window shopping, I look at the latest electronic gadgets. But most of the time when I am in the mall, I used to spend my time going to bookstore and reading personal finance and business books.
When I Heard About Credit Card
Credit card, credit card, credit card! When I heard about it. I thought it was a card for rich people. When I study personal finance and some “millionaire’s mindset” books, I have found out that credit cards are for “poor people”. Ouch!
Think about this, if you are rich why don’t you use cash, why you should use credit card to pay for something. Hmm, is that another trick to impress your friends. How many credit cards do you have right now? Compute the annual fee of your credit cards and get amazed the total amount you are paying for just credit card fees.
Having Many Credit Cards? Is it Advisable?
Are credit card advisable? Credit cards are advisable if you know how to use it properly. If you will just use where it is intended. Many credit card holders facing credit card debts because of lack of self discipline. They use credit cards especially when they are fell into impulse buying. After few months, they just realized that they are in credit card troubles; (debt).
Use only one credit card. Choose the credit cards that offers variety of rewards, perks and cash backs. Use credit card wisely, otherwise, you will start attracting debt.
Let me know your thoughts about this. I have no credit cards, I only used debit cards. What about you? How many credit cards do you have? Share your opinions in the comment box below. Thank you!