5. I'm gonna be a Freshman in college and I'm getting bombarded by credit card companies. Suze, how many credit cards should I really have?

SUZE ORMAN: Yeah, So Nicole, the truth is you only need one credit card. And the credit card that you have you should take very good care of, which means the following:

You better be able to pay it off in full at the end of every single month. If you get a credit card bill and you're only paying the minimum payment due, I'm here to tell you, you are already in credit card trouble.

Next, you have to know what kind of credit card should you have and the truth of the matter is, you're far better off having a credit card with a credit union than a credit card with a bank. Why? By law, federally charted credit unions cannot charge you more than 18% interest on that credit card. You can have a debit card. I like debit cards a lot. However, most debit cards that are out there have such high fees on them that currently, they are not worth the plastic they are used to swipe with and be very careful about store cards.

Do not go into a department store and they say, "Hey if you get one of these accounts today, you can save 10% on everything that you buy," don't. You don't need one. They're all at 23% interest or so. They are a waste of money. Stick to one credit card and one credit card only. The truth of the matter is if we were to ask this audience how many of them carry credit card balances, oh, we'd have almost every one of them standing up.