So this is something I can honestly say I’ve never done before. I just phoned up Mastercard and told them to decrease my credit limit… took approximately 2 minutes 
It’s kind of funny how they would automatically increase my limit every so often. I just called up and after I was verified as who I was, I asked what my limit was … and it was $16,900! (this is a full $3,000 more than what I thought it was).. wow.
I wonder how many airmiles that is if I went and bought a car on my credit card.. ok, I did the math.. on mine, it would be a quick 1000 airmiles on a $15,000 purchase 
Anyhow, I reduced it all the way down to $2000. A reduction of over 88%. Obviously this is not a bad thing to do, and I will argue till I’m blue in the face anyone that think it is. There is nothing that I need to have ‘emergency money for’ that’s going to cost over $2000, and it will also give me the perception that if I want something, I’m going to have to save up for it or something.. cuz since I was in high school.. that sort of ‘save before buying’ attitude has been lost on me. If I wanted something, I would get it, and pay for it later.. and there really hasn’t been any reversing of that line of thinking since the time I got my first (and only) Credit Card.
That brings up another good point.. how many credit cards to people actually need? It really doesn’t make sense to me why people would need more than one. I know a lot of people have different ones for different stores, etc..etc.., but when you get down to it, the benefits of having them (points, discounts, etc), really get wiped away if you carry a balance.. and quickly! Don’t get me wrong, I pay a yearly fee to have the ‘gold mastercard with airmiles’, but the only reason I have that.. is that I now get an airmile for every $15 spent on my card.. and since I get my oil purchases on the card and some of my bills (which I pay off every paycheque), it’s just free bonus points. I love my AirMiles program, pretty much every 4-5 months I cash in and get about $200 in groceries (about 1450 in points I believe).
So if you use them that way, I don’t think they are such a bad thing, I also don’t think you can beat them for traveling as they are so universally accepted and the currency exchange rates are usually pretty low.. but other than that, keep one, and don’t carry a balance. If you do have a balance, and obviously can’t pay it off.. get a line of credit and transfer your balance.. then decrease your limit such that I just did. In a year if you had a $5000 credit card balance and were paying .. even 12%.. that’s $600 wasted. If, you transfered that to a line of credit with say.. a 5% interest rate, that’s just $250. You saved $350 a year, or $30 a month (cell bill perhaps? date night at the movies?) just by transferring to an easily opened line of credit.
Comments? Questions? Let me know