IFW Education Figuring out how many credit cards belong in your purse or wallet can give you a headache. But, as new offers keep popping up, it can be tempting to take advantage of them all. Not to mention, there are cards for many different things. For example, there’s a card to target your favorite hotel chain, one to maximize airline miles, one that earns you points when spending at NFL games, and even one that offers you cash back on your grocery purchases.
With this variety of credit cards, filling your wallet with plastic can become too easy. So, how many credit cards should you have?
According to Experian’s “What Is the Average Number of Credit Cards per U.S. Consumer” report in April 2021, the average U.S. citizen has 3.84 credit cards and an average outstanding balance of $5,315. Overall, The Federal Reserve’s October 2021 G19 report showed that total outstanding revolving credit stood at $1017.4 billion.
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