by Joseph Kenny | 03/1/08

Some American consumers may see March of 2008 as the perfect time to do some spring cleaning, as far as their finances are concerned. However, financial experts are recommending caution when it comes to applying for new credit cards.

Statistics indicate that more than 3 billion credit card offers are sent to consumers every year. However, it is unwise to apply for every offer you receive, according to leading financial experts. Ideally, they say, you should limit yourself to 1 or 2 credit cards, even if your stellar credit record could earn you more.

Financial experts say it's a good idea to read the fine print before applying for a card. For instance, you should pay close attention to interest rates. Cards with high rates should be avoided at all costs. In addition, you should steer clear of cards that offer low introductory rates, then charge high rates after a few months. If you find yourself with a credit card with less than ideal terms, don't be afraid to cancel the card. Such an action could save you a great deal of money in the long run.

You should also pay attention to the billing method for the credit card. Find out whether interest will be charged from the date of purchase or if you have a grace period you can rely on.

Financial experts say consumers should steer clear of credit cards that offer low credit limits with high fees. These are the types of cards that are likely to be marketed to those with low incomes or shaky credit histories. As much as such an individual may want a credit card, it's not worth the expense in the long run.

It's also a wise idea to avoid credit cards that charge an annual fee. With so many credit card offers out there nowadays, chances are you can secure a card without having to pay a fee up front and every year hence.

A recent poll indicated that many Americans are worried about their debt-especially credit card debt. While using a credit card can be highly convenient, it can also be an invitation to overspend. Consumers who find themselves facing a mountain of credit card debt should consider drawing up a repayment plan in order to make themselves debt-free.