My wife just received the following letter in the mail and it will be just a matter of weeks before all of you will receive the same letter from all your credit card companies. I remember when I first graduated college it was nice to have a few credit cards at hand just in case of an emergency. Well, this new strategy will make a lot of people carry only one credit card. I think for the most part it will help people get out of debt except for the few who would spend more on their credit cards to reach the end of the year amount. But I think in the long run this strategy will hurt the credit card companies.
Watch out for these letters and if you don't use the card, cancel them. You don't want to be paying $60 at the end of the year for 10 credit cards you don't use.
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