Advice You - Finance

How many credit cards do you have? If you are like most people it is probably too many.

We've all been lured in by the siren call of better rates, special perks and rewards, or lower fees so that most Americans carry

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

between five and 10 credit cards. The problem is not so much that new credit card offers are so attractive but rather that we do not stop to evaluate which cards we no longer need after opening a new account.

Carrying

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

too many credit cards can wreak havoc with your credit score -- especially if you use too much of your available credit.

Of course that leads to an important question -- how many credit cards should you have?

Most ex

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

erts say there really isn't a magic number. It is really more about proportion. Each person, household, or business, should evaluate spending and payment habits. It is important to note that once you start holding a nu

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ber of credit accounts then your credit report will be impacted simply because you are now at greater risk of racking up debt that you can't handle.

Of course, it does depend somewhat on the type of card and the amoun

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

of credit involved. Store credit cards are notorious for impacting your credit negatively. In fact some consumer experts report that every time you open a store credit card, 20 points are taken off your credit score.

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

So how do you judge whether or not you have too many credit cards?

The average person carries 11 "credit accounts" of varying types. Typically, seven are different types of credit cards and four are installment loans

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

or cars, furniture, student loans or mortgages.

Most people do not need seven credit cards. Usually two or three is more than sufficient. Perhaps one will be a store credit card for a merchant that you shop frequently

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

and that will make you eligible for savings and bonuses and another will be one of the major credit cards such as Visa, MasterCard, American Express or Discover that is accepted anywhere.

If you cannot maintain a low

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

r zero balance on your credit cards then you have too many. Most people do need a credit card for emergencies so holding a low interest card can be a help with your personal finances but holding a number of cards that

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

egularly add interest and other fees to your monthly budget is no bargain.

An important rule of thumb to remember is to keep your debt ratio under 50%. If your credit card has a $5,000 limit, don't carry a balance of

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ore than $2,500. Creditors don't like to see a card almost maxed out because it makes you look like a risk who has trouble paying off debt.

The best way to protect your credit is to keep only a reasonable number of cr

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

dit cards. A reasonable number is determined by your ability to maintain a low balance and make your payments on time. Ideally you should use less than 30% of your credit limit on each card.

However, use caution when

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

rimming down the number of credit cards. Some debt advisers warn that closing too many cards at once can cause your debt-to-credit ratio to fall. For example, if you have $20,000 of potential credit and a $5,000 balanc

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

, you are using 25% of your potential. If you shut down a card with a $5,000 balance you will still have $5,000 of debt and only $15,000 of potential, upping your ratio to 33%. It is better to close excess accounts ove

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

several months (as you also pay down your balances). Also, don't close all your oldest accounts if you find a better card. A long, successful credit history will do much to improve your credit rating so maintaining so

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

e older accounts until your more recent accounts age is a good idea.

If used appropriately, credit cards are a safe way to buy goods because they offer protection against fraud that checks and cash can't guarantee, es

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ecially when it comes to return policies or fraudulent purchases.

However it is up to the account holder to use that credit cautiously. Maintaining fewer accounts means less chance of late fees and increased rates. Ha

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ing more credit and more credit cards does not necessarily make a good rating. The key factors are job stability, paying as agreed and paying on time. Keeping up with payments on a few cards will build a better credit

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ating than opening numerous credit-card accounts.

There is no right number of credit cards for everyone. It depends on how much you spend and how much you can pay off. The key idea is to maintain a sense of proportion

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Advice You - Do You Have Too Many Credit Cards?

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