http://dnes1.ordyne.com/ct?id=22215&urlid=12597&lid=15&nlid=4&sid=1135&cid=466&oop=p 1*Never have more than two major credit cards. Avoid high-interest department store cards. 2*Decline pre-holiday offers from card companies to increase your credit limit. Don't accept opportunities to skip a monthly payment or defer payments on a holiday purchase. Never pay less than 2.5 percent of your balance, even if the minimum payment requirement is lower. Be aware of balance transfer traps. Read the fine print closely if you are considering such an offer. Set a holiday spending limit and pay cash whenever possible. If you must use credit, budget for higher monthly payments. ================ Any Comments opinions on items 1 & 2 ?
Department store cards are probably mainly useful in originally establishing credit. After that, why bother, when their interest rates are absurd in the current credit market, and they are of limited use. Otherwise, occasional 10% off discounts may be their only benefit. Two credit cards? Maybe if you are a spending addict and need to enforce discipline. Additional credit is not the same as additional cash. Diversity in business connections is the best protection against above market terms, or a bank closing out your account for their own business reasons. Let them compete. Just keep your spares in a safe place and don't use them.
The above list appears aimed at budgeting your spending to match your income, and preventing availability of credit from fooling you into thinking you can spend more than you make. If these are problems, then the suggestions may help.
