Credit Card Debt

I know I've touched on this earlier in an older post, but I was thinking about credit cards recently. I was at the grocery store the other day and I saw a woman who pulled out a wallet of at least 15 credit cards. I have no idea why someone needs that many credit cards.

Something most people don't know is that it is detrimental to your credit score to have several, unused credit cards. It lowers your average credit card age, which makes you more of a lending risk. Yes, that means retail credit cards like Old Navy, Express and Gap. If you have a bad credit score, you are more likely to have problems getting loans and decent rates. I know several people who have gone through debt consolidation and credit consolidation because of careless credit card use.

I have 5 cards I think: a Visa, my bank debit card, a Wal Mart card and 2 cards from retail stores.  I think that is a bit excessive!  I hope people can get the idea that 10 credit cards is a bad idea.  Using one credit card to pay off another one is never too great of an idea.