2. Not Balancing Your Credit Cards

This is perhaps the biggest bane of plastic money. We tend to get so carried away with our gadgets and accessories that we forget about our financial health. With credit cards “comes great responsibility.” The first rule of having more than one credit card is to chalk out a map for its usage. Else all your purchases might get repossessed. Have separate credit cards for personal and professional uses. Do not use one card for the other. This will just mess up your financial balance. Do not get more cards if you can’t pay off the existing debt.

3. Excessive Use of Credit Cards

Having multiple credit cards initiates a chain reaction of unmonitored spending. Having too many plastic cards will just ruin your financial credibility, especially if you are unable to pay your credit card bills on time. Not only does it ruin your credit history but also wrecks your chances of getting a loan sanctioned. We all have seen enough number of movies where over-dependence on credit cards can spell disaster. So, kick this bad habit before it kicks you out of a healthy financial status.