Last Updated on Dec 20, 2019 by James W

In personal finance terms, finding a balance between more credit aspects is one of the hardest things to deal with.

Since there are so many temptations on the market, most of us are lured to make various purchases just to fit the mold.

Yet, when you think that you have only one life to live… why should you wait another year to buy yourself something that is pretty expensive?

Well, such thoughts come across our minds every once in a while, reason why we end up using lots of credit cards just to make our dreams come true – unfortunately though, some of them we end up regret.

These being said, in case you are looking forward to knowing more concerning the subject, make sure to stick with us and keep an eye onto the following lines in order to discover what is the downfall of having too many credit cards!

1. Low Credit Score

Since you are holding a high number of credit cards, there is no reason why the credit score is ought to be lowered. Basically, the idea behind is that by obtaining all of these cards, each user applies for a certain line of credit. By that, the ability of entering a new set of credit decreases. In easier terms, when you have many credit cards, you are less likely to obtain another credit just because your personal finance is quite down. Thus, a low credit score is bound to happen to you sooner or later – and trust me, this will definitely provide you with the necessary financial knowledge to know exactly what and how to organize your stuff for the next period of time.

2. Getting Into the Vicious Circle of Spending Money

Believe it or not, another downfall of having too many credit cards is that instead of thinking of how to save up more money and making more great investments, you get into the vicious circle of just spending money – and this is basically one of the worst things you could deal with in a lifetime. And trust me – such things are extremely hard to deal with, since as soon as you make a move like this, you will continue to do so on a regular basis. Yet again, spending the money that are not actually yours will make you think that you made a great move but in reality, such things are just a pure and simple illusion. As soon as you put down on a piece of paper all of the sums of money that you are ought to pay each and every month on credit, you will understand more than that.

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3. Hard to Organize

Having more credit cards at once is bound to provide you with the idea that you are hard to organize – and basically, this is what happens when you do not take care of your own financial life. By this way, your life gets into an interesting sight, since keeping an eye on spending is ought to provide you with nothing but a difficult set of management skills. Still, you might be able to think twice next time you get into the verge of creating a new credit card line – one that is extremely difficult to deal with, together with the rest of them. By this way, you will get into a more organized life that is bound to provide you with the necessary things just to get you going.

4. Decreasing the Age of Credit Score

Each and every time you take out a credit card, the age of credit score decreases overtime. This happens due to the fact that the bank is not able to set you a certain credit for a higher period of time, since it will be harder and harder for you to pay the whole amount of money in the end – together with the fact that the age is quite limited when it comes to credit cards. This is definitely one aspect that is ought to be kept into your mind at all times, so that in the end you will be provided with the outcome expected in no time. Moreover, this is quite rational – since the age is a number, and as time goes on and you go closer to it, the dump period gets smaller and smaller – so the possibility of you to paying the credit in a 30 year period of time is likely to be impossible, due to the lack of life expectancy (in terms of age).

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5. Physically, it is Hard to Keep all of Them

As exposed, it is quite hard to deal with more credit cards – at the physical level. Keeping all of your credit cards in a single place will make your wallet useless – you will not be able to keep all other important stuff in a single place. Instead, make sure that you have a general idea over your credit cards, as well as the capacity of your wallet. By this way, your life will definitely improve for the better.

6. Hard to Cope With

As expected, whenever you have more than one credit card, you will most likely find yourself in the trickiest situation ever – which one to take out in order to make the required payment. Well, if now it is hard for you, just think how would it feel like when you have more than the required number. Trust me, this is undoubtedly one of the hardest aspects to deal with, since an increasing number of credit cards will most likely take you to a point in which your wallet is filled with too many useless stuff. On the other hand, it is important to know for sure that you have a specific credit card for various stuff, in such a way that your entire financial life will be more organised than ever.

7. Credit Cards Being Closed

Another massive disadvantage of owning too many credit cards would be the fact that they can get closed if you forget to use them. By that, you might end up one day with a bunch of credit cards yet none of them being able to be used properly. Instead, you could rather take some notes regarding when and how you actually got to the point of activating them. Trust me, you will undoubtedly obtain the outcome expected in no time through this method. And this, yet again, is a serious way of seeing life in financial terms.

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8. Lack of Self-Discipline

Usually, when we have more than one credit card, it is hard for us to get self-disciplined. This happens due to the fact that the mere idea of having so much money at your hands is by far one of the biggest and most important things in the world. Still, on the other hand, all of these money are actually intangible, due to the fact that they are not at all ourselves, but the banks’. Yet again, you might think twice over the subject – since each and every single one of the dollars borrowed require an additional interest to be paid back.

9.  Low Credit Score

Just as expected, when you use more credit cards at once, your credit score decreases drastically. This happens due to the fact that handling various borrowed money takes us to a point in which nothing good is bound to get out of there. Instead, you could better keep yourself away from the matter and find ways to improve your credit score – especially through this strategy of having not so many credit cards at once. By this way, your life will definitely improve.

10. Lack of Management

As previously mentioned, another downfall of having too many credit cards relies on the fact that the management skills in here are rather poor. This happens due to the fact that more credit cards are harder to cope with, as well as harder to keep an eye on – and trust me, each and every single one of these aspects would work perfectly to make your credit score go down. Yet again, this is what is bound to happen if something bad comes across – but with up to 5 credit cards, there is simply no chance things should go in any other direction.

These being said, what are you still waiting for? Have you already managed to make up your mind and be aware of the real downfalls of having too many credit cards? If so, we are looking forward to hearing from you and seeing whether or not there is something we should add on our list as well.


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