If credit card companies were to be believed, you might come to the conclusion that having dozens of them is financially savvy. That’s just not the case. Here’s why you should limit the number of credit cards with your name on them:

1. Credit Score

While it’s smart to have a credit card or two to build credit, having many of them is typically considered a bad mark on your credit report. Think of this as those looking at your credit report do: too much potential to overspend. Whether or not you intend to overspend — you may have awesome financial habits — you may eventually do so in case of an emergency. Perhaps you’ll get into a car wreck and need a lot of money to pay untold medical bills. When you’ve got the ability to utilize a lot of credit, people assume that you will. This works against you.

2. High Interest Rates

If you don’t pay off your credit card balance in full each month, you’ll be subject to extraordinarily high interest rates. Credit card suppliers can charge pretty outlandish rates, and as a result, they do! Even if they offer low teaser rates, most state in their fine print that they can, and will, raise rates when certain easily met conditions occur.

3. Late Fees

You might mail your payment just in the nick of time but if you forgot about that holiday in there the payment may get delayed by a day or two. The result? You’ll get stuck with a late fee! Late fees are a real wake up call to the egregious overcharging that’s rampant in the world of credit suppliers. A single late fee often costs as much as a dinner for two at a decent restaurant. Keep that money for your romantic life!

4. Overspending

Unanticipated medical bills are one thing, but a lot of people haven’t learned to live within the means of their paychecks. These citizens are likely to spend way more than they can afford on a regular basis if they’re able. Credit cards are a great enabler in this regard. But you can manage spending with the Reach card, since the amount on the card is predetermined by your available cash.

5. Debt

It’s one thing to mildly overspend during the holidays, buying gifts for friends, family, and loved ones. It’s another thing entirely to repeatedly, continuously overspend one’s paycheck week in, week out. This leads to debt, often measured in very large numbers. Huge debts can lead to bankruptcy or painful repayment periods, in which one lives substantially below their means for a few years. That’s not fun!

All told, credit cards can add convenience to your financial life. Unfortunately, they can also create a real burden, even in the lives of very well intentioned, financially stable people who encounter real-world problems. Have you ever had a medical emergency or other large, unexpected bill?