Cutting 90 Cards

Dear Dave,

We have 90 credit cards in a safe deposit box, and they all have zero balances. I know you say we don't need credit, but I'd really like for us to keep our credit rating intact. My husband and I both own our own businesses, and I like the security of knowing they're there in case something bad happens. Is this okay?

Brenda

Dear Brenda,

Are you kidding me? No, it's not okay! Ninety credit cards in a safe deposit box is NOT security! Girl, I am seriously scared to death for you guys right now. You are an identity theft disaster just waiting to happen.

The best safety net you can have is a fully-funded emergency fund of three to six months of expenses. I'm talking about lots of cash just sitting in a good money market account for a rainy day.

Find a shredder, Brenda. And when you do, I want you to take every one of those 90 credit cards, toss them in and fire that sucker up! It's time for some serious plastic surgery!

Dave

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