HOW TO AVOID THE CREDIT CARD TRAP 2

Reduce the number of credit cards that you have. The more credit cards you have, the lower credit score financing institutions give you and, consequently, you are charged higher interest charges & placed under more stringent conditions.

With multiple credit cards, keeping track of your expenses becomes a more difficult personal accounting task.

Believe it or not, you can live with only one credit card. With only one credit card, the monthly billing statement becomes an accounting record of your expenses. You only have to add your cash expenses (which are probably not a substantial portion of your monthly expenses) to the total billing and you have your total expenses for the month.

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