In 1977, I wrote my first book, Your Money: Frustration or Freedom? In the book I told the story of Walter Cavanagh, a pharmacist from California who owned about 800 credit cards! But according to a recent ABC story, Mr. Cavanagh was just starting. The 73-year-old now has amassed 1,479 cards, and Guinness World Records recognizes him as the man with the most credit cards on the planet.
He also has what must be the world’s largest wallet. It stretches 250 feet, weighs 38 pounds with space for 800 cards, but he keeps most of them in a safe. No wonder his nickname is “Mr. Plastic Fantastic”.
Mr. Cavanagh’s cards come from a wide variety of places including banks, airlines, gas stations, and about every merchant imaginable, with limits from $50 to $15,000.
To his credit, no pun intended, his score is nearly perfect. Mr. Cavangh shares his secret: “I only use one card and I pay it off in full at the end of the month. But you should see the length of my credit report!”
I want to encourage you to follow his example. No, not in the number of his credit cards or the size of his massive wallet, but in the simple way he uses only one credit card and pays it off in full at the end of the month.
My recommendation: Have one or two credit cards and use them for convenience not credit. Pay it off in full at the end of every month.
To better help you accomplish this head over to Compass1.org to download one of our free spending plans/budgets.