http://ultimatemoneyblog.com/do-we-need-another-credit-card Thu, 09 Sep 2010 15:26:46 -0700 hourly 1 http://wordpress.org/?v=3.0.1 http://ultimatemoneyblog.com/do-we-need-another-credit-card/comment-page-1#comment-9041 Mrs Money Mon, 11 May 2009 23:32:00 +0000 http://ultimatemoneyblog.com/do-we-need-another-credit-card#comment-9041 Deirdre- That's what I am thinking. I don't think it makes any sense to get a new card because he doesn't need one. I hate the idea of having to keep track of one more account! Deirdre- That’s what I am thinking. I don’t think it makes any sense to get a new card because he doesn’t need one. I hate the idea of having to keep track of one more account!

]]> http://ultimatemoneyblog.com/do-we-need-another-credit-card/comment-page-1#comment-8877 Deirdre Fri, 08 May 2009 02:36:03 +0000 http://ultimatemoneyblog.com/do-we-need-another-credit-card#comment-8877 Don't worry about it -- In his book "How to Get Out of Debt, Stay Out of Debt, and Live Prosperously", Jerrold Mundis has a great explanation of why we don't need to live in fear of a bad credit rating. Basically, the only reason to have "good credit" is so that you can take on more debt in the future; why support a failing system (and put yourself in the temptation of debt by having another card) by taking on another line of credit just to meet some outside standard of what constitutes a good credit report (i.e., carrying ongoing lines of credit!)??? Don’t worry about it — In his book “How to Get Out of Debt, Stay Out of Debt, and Live Prosperously”, Jerrold Mundis has a great explanation of why we don’t need to live in fear of a bad credit rating. Basically, the only reason to have “good credit” is so that you can take on more debt in the future; why support a failing system (and put yourself in the temptation of debt by having another card) by taking on another line of credit just to meet some outside standard of what constitutes a good credit report (i.e., carrying ongoing lines of credit!)???

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