The January AARP Bulletin reports that on average, each person who uses credit and/or debt cards carries 8.6 cards! Although there are certainly valid reason for multiple cards, like a debit card for personal use and one that is used for business expenses only, the more cards you carry, the more confused you’re likely to become.

But it gets worse. The credit card industry is rapidly changing the rules about how it charges fees, and penalties. In many cases, grace periods are shortening; interest rates are rising, etc. And if that’s not bad enough, a late pay on one card can result in rate raises on some or even all of the cards you have.

It only makes sense to simplify as much as you can. And remember, just because you have a credit or debt card, doesn’t mean you have to carry it with you at all times. It may make sense to put some away.

Labels: credit cards, senior banking, seniors