Limit the Number of Indexes for Each Table
A table can have any number of indexes. However, the more indexes there are, the more overhead is incurred as the table is modified. Specifically, when rows are inserted or deleted, all indexes on the table must be updated as well. Also, when a column is updated, all indexes that contain the column must be updated.
Thus, there is a trade-off between the speed of retrieving data from a table and the speed of updating the table. For example, if a table is primarily read-only, having more indexes can be useful; but if a table is heavily updated, having fewer indexes could be preferable.
___________________________
from :Oracle9i Database Administrator's Guide Release 2 (9.2) Managing Indexes