The Double-Edged Sword of Consumer Credit: Are More Credit Cards Good or Bad?

Richard A Meyer
2 min readNov 28, 2023

Overall, U.S. consumers were carrying around $1.1 trillion in credit card debt at the end of the third quarter of 2023, heading into the holidays. Credit cards have become an integral part of our daily lives. With the convenience they offer, it’s no surprise that many individuals now possess multiple credit cards. However, the question remains: Is this trend of using more credit cards a positive or negative development?

The Good: Financial Flexibility:

Rewards and Perks:

Credit Score Improvement:

The Bad: Increased Debt Risk:

Complexity in Management:

Potential for Overspending:

In the debate over whether consumers using more credit cards is good or bad, the answer largely depends on how individuals manage their financial resources. Multiple credit cards can offer unparalleled convenience, rewards, and financial flexibility when used responsibly. However, the risk of increased debt and the challenges of managing various accounts require careful consideration.

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Richard A Meyer
Richard A Meyer

Written by Richard A Meyer

Healthcare marketing thought leader and CPG marketing consultant with over 20 years of experience.