According to member data from Credit Karma’s more than 75 million members. the average amount of credit cards a person has is 4.73.
I’m not sure what a .73 credit card looks like, but you get the picture. Most people have at least 2-4 credit cards.
But are credit cards always a bad idea?
In fact, there are some very good benefits to using a credit card. For instance:
Spending is easier to track
When you use cash for purchases, you often can forget where it was originally spent. Using a credit card will help you track your spending. You can also use your statement to compare your expenses and to adjust your budget.
Maintain a higher credit score
Having a high score is one thing but maintaining it is another. A great way to maintain a good score is by always using your credit cards and pay them off at the end of the month.
Get money back
If something is wrong with your purchase, you can get your money back at times more easily than if you used cash. This is especially true for online purchases that failed to arrive on your doorstep. Also, there are rewards programs that offer discounts when you use their cards. Cashback rewards or discounts can add up over time and save you money.
And speaking of financial rewards, we are dedicated toward making sure you get the most from your investments. Helping you prepare for retirement is what we specialize in here at Matson & Cuprill Give us a call at 513-563-PLAN (7526) or book online to schedule your portfolio review today.
“I owe, I owe… so off to work I go…” If you’re singing that song, tomorrow’s email will make you feel better. I mean, we have to keep our sense of humor about this, right?!
Dan Cuprill, CFP®