Multiple credit cards will lead to multiple headaches

The convenience of credit can be a wonderful thing. The freedom to buy almost anything you want when you want it or simply knowing you have immediate access to additional funds should you need it can be a great source of comfort. However, too much of a good thing can leave you in a terrible financial position.

As retailers have begun to offer their own versions of credit cards, many consumers are opening multiple credit cards. However, multiple credit cards will lead to multiple headaches. There is no denying that owning a credit card can be incredibly useful. From building a healthy credit score to valuable rewards programs or having instant funds when you need it, credit can work in your favour. While having multiple credit cards gives consumers access to various rewards programs that could be beneficial, this only works for consumers who have the time and ability to successfully manage them.

Staying on top of various bank charges, billing cycles, payment due dates and credit limits can quickly become disastrous for busy professionals, often resulting in missed or short payments or even late payment penalty fees. This is especially dire for consumers who cannot afford their debt to increase due to mismanagement.

At Debtco Group, we understand the financial struggles many South African consumers experience, particularly credit card debt. We specialise in helping South African consumers overcome their debt hurdles. Debtco Group offers expert, experienced, and NCR registered debt counsellors ready to assist you through the incoming wave of interest rate increases.

If you need a helping hand in this time of financial uncertainty, contact our team for an assessment or complete our online contact form; we will be in touch with you.