Limiting Credit Cards Helps Credit

SAN DIEGO, CA -- O.K. think for a moment, how many credit cards do you have in your purse or wallet right now?

Three, five more?

Why so many?

We sometimes think the more plastic we have, the better to get through these tough times.

But those cards could easily be damaging your credit and dragging you into deeper and deeper debt.

"You really shouldn't have more than two credit cards," said Manuel Navarro of the Consumer Credit Counseling Services.

People in the business of helping you keep your money say the more credit cards you own, the more opportunities to get stuck in debt.

And while this may not sound like your typical bargain advices, unless you have money in your pocket, it's awful tough to take advantage of bargains when they come your way.

"So track your expenses, look at what you're spending and then go back and find ways to make reductions," said Navarro.

Did you get that? It's great advice, in order to save money, you have to know how much you're spending.

"You have to know where it's going so you know what changes to make," said Navarro.

And that starts with paying off and cutting up those credit cards.