When will people learn its not the number of credit cards but how you use them!

29 June 2005

I’ve just read a press release titled “MyEquifax.co.uk Welcomes New FSA Guide As Survey Reveals 72% of 18-25 Year Olds Have Up To Three Credit and Store Cards”.

Why is such ignorance being perpetuated? We should not be judging the severity of debt by the number of cards. The best credit card users should have 5 or 6 different cards for different purchases (as explained in the credit card section). It’s not how many you have, but the outstanding debt combined with the rate of interest and your ability to repay that’s the problem.

These trite oversimplifications help no one – Equifax the credit reference agency should know better.

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