Some say it is better to have multiple lines of credit. While this can be a good thing, we should be careful not to let ourselves get out of hand. For some it is tempting to open a plethora of credit lines and let the debt float around from one to another. Recent studies show that the average number of credit cards is an alarming ELEVEN. Having multiple lines of credit can boost your credit score, but it’s best not to let them get out of hand.

If you’re going to have multiple credit cards, make sure they are legitimate providers such as American Express, Visa, Mastercard and Discover. We all know how tempting it is when your favorite clothing store offers you 15% off if you open a credit card with them. You think, “I’ll just do it for the discount. I’ll never even use it!” Thinking like this, however, is playing with financial fire.

It is a good idea to establish long lasting credit lines. If you get a new credit card and are considering throwing your old one away, think twice about it. It will benefit your credit score to keep the old one and use it every so often.

Credit cards can be a great benefit in our lives, as long as we use them correctly. By maintaining a manageable number of credible credit lines, we can stay on top of debt and avoid the anxiety that it brings.

Credit card companies said they are going to offer about 13 less credit cards to families each month. This is really a good sign on so many levels. First, the environment gets a boost. Credit card companies are going to be sending us less paper to turn around and throw away. Second, we consumers will stop getting so much junk mail, since so much of it is usually a credit card offer. Third, credit card companies will only look to offer cards to the most responsible borrowers rather than blanket all consumers as a whole. And lastly, this is bound to lower the number of new credit cards being purchased and put into circulation.

This is great news! The credit crunch and economic crisis aren’t going to go away by spending more money that we don’t have; it’s going away as we pay off our debts and start spending only that money that we have. You see, the whole premise of a credit card is a “have now, pay later” mentality. Unfortunately, people don’t just use them to have now what they can pay for later. They get what they want now when there’s no way they can pay for it later. A house for example. Look at all the foreclosures. Homes are purchases with loans which are offered on credit. See how much credit can hurt you?

What’s your best bet? Keep tearing up the credit card offers that are still bound to keep coming. At least they will come less often. But at any rate, throw them out. Don’t ruin your finances with a pointless credit card. Get one, have it for emergencies, and that’s it. The more we save and the less we spend the better this economy will be. Say no to more credit cards!