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Always Keep a Backup Credit Card Handy

One credit card may seem like more than enough to manage your personal expenses, but the fact is it's just not a good idea to limit yourself to one card. Why is that?

Well, what if your credit issuer decides to cut your credit limit in half? You may still have enough available credit to cover your monthly expenses, but the credit limit decrease itself could have a serious negative effect on your credit scores.

Worse yet, what if your credit card account is closed and you find yourself with no access to credit at all? Getting your hands on a new credit card to replace the old one may prove to be more difficult than you think.

In today's financial environment, these are situations that you could easily find yourself in at no fault of your own. Make sure you're prepared for the worst and always keep a second no annual fee credit card active and available as a trusty backup.

on Wed, 2012-02-08 16:00