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My family do this all the time.
We have over a dozen devices (I think 7 are Kindles), that hop around between 3 libraries, one for the kids, one for the guys, and one for the gals. We don't have any credit card details on them, we use gift cards. I use my personal amazon account when a cc is required.
We have changed accounts hundreds of times, it is never a problem. But I still use Amazons lending feature for friends rather than allow them to log into our Amazon libraries.
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