7.9% of Mississippi Cardholders Have 9+ Credit Cards, 6th Most in the U.S.

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, fees and interest rates can quickly add up and increase their debt burden. The share of cardholders with a large number of credit cards varies by age, gender, and geography. To determine the states whose residents hold the most credit cards, researchers ranked states by the percentage of cardholders who report having 9 credit cards or more.