Connecticut and New York residents among those with most credit cards 

When it comes to credit cards, the Nutmeg and Empire states like their plastic. 

Connecticut and New York ranked seventh and 13th respectively in a new report by Upgraded Points that looks at credit card ownership in the United States. 

Of Connecticut cardholders, 7.6% have nine or more, with 2% having 13 or more and 1% having 20 or more. Of New York cardholders, 6.8% have nine or more, with 3.4 having 13 or more and 0.9% having 20 or more. 

Nationally, the majority of cardholders — approximately 69% — hold between two and eight cards. Conversely, only 26% manage with just one, while 6% possess nine or more. 

Compared with all cardholders, those with at least nine cards are more likely to spend in excess of their earnings (31.6% versus 18.2%) and more likely to have major difficulty covering their bills (14.5% versus 7.5%). 

Cardholders with nine or more cards are approximately one and 1/2 times more likely to experience anxiety regarding their financial situation and twice as likely to perceive themselves as burdened by excessive debt. 

Notably, 10.8% of males and 9.4% of females aged 18 to 24 hold nine or more credit cards, exceeding the national rate of 6%. In contrast, less than 4% of adults aged 55 and up hold nine or more cards. 

Financial experts generally agree that having access to at least one credit card is an important financial tool. The question of how many cards a person should carry, however, is more complex. 

When managed appropriately, having multiple credit cards provides both practical and financial benefits. An extra card can come in handy if one is lost or needs to be canceled, and having multiple lines of credit available can be helpful when unexpected expenses arise. However, tracking balances, card limits and billing cycles across multiple cards can be challenging. If cardholders do not keep up with what they’ve spent on each card – optimally paying off the statement balance by each due date — fees and interest rates can quickly add up and increase their debt burden. (Here paying through your bank can be helpful as it acts as a kind of centralized bookkeeper.) 

Also, it’s important to keep in mind that while it’s important to establish credit if you want to make any big ticket purchase like a car or house, opening too many cards or canceling them can adversely affect your credit score.