It's a well-known fact that credit card companies will give anyone a credit card. In fact, companies give cards to people that "otherwise can't get credit," says Steve Rhode, president of Myvesta, in a Bankrate.com report. But just because credit card companies give cards out liberally, doesn't mean Americans should have as many as possible.

Some credit card experts will say there is no set amount of cards you should have. It all depends on your ability to spend money and pay off the balances. But be warned: The more credit cards you have the better your chances of creating more debt and destroying your credit.

If you choose to have more than one credit card then a few simple guidelines must be put in place, in order to avoid financial ruin.

Resist temptation

Anyone can be tempted to get a credit card at their favorite clothing store if it gives them 10 percent off their purchase. However, that's the best time to turn it down. Having these additional cards will only add to your credit card balance, unless you plan to pay them off immediately.

If you find you can't pay off your Banana Republic, Gap, Express, and Home Depot cards all at the same time, whittle the amount of store credit cards down to one or two.

Use in case of emergency

Many people use multiple credit cards as a savings vehicle. Or, they keep them on hand to pay for emergencies. However, if a payment is missed on any of the cards, then the late fees might be insurmountable. If this sounds familiar, then its time to reconsider how many cards you need for emergencies.

Steve Bucci, a debt advisor for Bankrate.com, proposes that you have a maximum of six credit cards - and no more. The cards should be Visa, MasterCard, American Express or Discover. Most merchants will take these cards. And you should pay them off on time and regularly to maintain a low interest rate. This will ensure that you will have the funds for medical or financial emergencies.

Keep debt ratio down

If you are going to have more than one or two credit cards, it's imperative to keep the debt ratio down. Try to keep the debt ratio lower than 50 percent. If one credit card has a limit of $8,000, then keep the balance lower than $4,000. Another way to maintain a low debt ratio is to spread the price of large purchases over several cards. For example, instead of putting $5,000 down on one credit card for a purchase, spread the price over three different cards.

Use common sense

It's not a crime to have multiple credit cards, if you can pay them all off on time. But if the balances increase beyond your means then it's time to consolidate the balances or make a few financial sacrifices. The bottom line: use credit cards wisely, they're supposed to be a privilege not a prison sentence.

For more information about decreasing credit card debt, visit www.military.com/Finance.

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