Businesses accounted for a mere three percent of bankruptcies. Credit cards aren't bad. They are portable, powerful and widely accepted. They are often more convenient than carrying cash or writing a check. But for many, they are too easy to get.
Most experts believe two are sufficient.
Access to unsecured debt can be difficult to resist when life get stressful, and revolving debt will catch up to most of us before our first million does. Credit card troubles often begin when we're young. A careless late payment and the interest rate jumps. The minimum payment is powerless to even touch the balance. The revolving debt grows in relation to income.