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April 3rd, 2020

One card is all you need.

There are constant temptations to open credit card accounts – whether it is bonus travel points, short-term low or no interest promotional periods, special discounts for initial purchases with a new department store credit card, or a variety of other limited-time offers. While there is a benefit to responsible ownership and use of credit cards, as this can help you establish a good credit history, there is also a downside: the total credit limits of each card get added together to reduce the amount of credit you could get for major purchases such as a car or home.

So when it comes to credit cards, having only one card is a really smart way to maintain control of your debt:

1) You’ll be limiting your discretionary debt to the credit line available on a single card.
2) You can shop for a good, low rate card that offers a rewards program you like so that all of your credit spending can go towards building these rewards. (Click here to learn about Cornerstone’s low-rate cards.)
3) You’ll only have one credit card payment to keep up with.

Category: Getting Out of Debt

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