Spending and inflation have sent credit card debt soaring to a record high of nearly a trillion dollars, and credit card companies are offering perks to try to get more people to sign up. Javier E. David, a CBS News contributor and the managing editor for business and markets at Axios, joined Vladimir Duthiers and Anne-Marie Green to discuss what customers need to look out for.
#news #economy #inflation
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31 comments
You dont need credit card to live.
people should avoid credit cards. they’re always predatory.
Kind of like how casinos give out free rooms and comps to lure in gamblers.
Not a good thing. Personal bankruptcies will eventually go thru the roof. Believe that. Then increased mortgage defaults will follow suit. Remember I told you so.🕴️🗣️🙇💡
Unless it's an emergency, don't charge it if you don't have the money. Never carry a balance and the cash back is free money.
This makes no sense!! Why would these companies try to get more customers who won't pay up?? Stupid.
I prefer to pay cash for everything. Gas stations have begun to charge more per gallon if I pay with my debit card than if I pay in cash. I will use my debit card to get money out of the bank to buy gas from now on. I don't like high interest rates. I would rather go without than pay more in interest for goods and services than they are worth.
I'm 28, earn $112k+ and never wanted a CC. I was forced to get one when I couldn't get a rental car after a crash. I needed my aunt's CC even though I make significantly more than her. I was so embarrassed and annoyed. Thus I got one and use it just like a debit card. Chase Sapphire preferred. With the bonus and the year of normal spending i now have over $1k in points. May get an Amex, past that no more CCs. I pay them off weekly.
Don’t pay annual fee, pay off your balance to stay out of trouble
The Wall Street Journal had an article today to refute Biden's now ridiculous claim of being a budget hawk. The total debt when for the Trump admin was $61 trillion and change. The Biden Administration has already brought that total to $79 trillion or roughly a 30% increase in two years. Democrats printed free money and Americans spent it. Now you we get to live with the results.
"It's 'market will bear,' you know? And there are always some desperate people who will take the product. Lending money to people is never a difficult exercise, OK? People will take money if you're willing to give [it to] them. …"
— Shailesh Mehta, fmr. CEO of Providian Financial, Frontline The Card Game, July 7, 2009.
"They can't cut the credit, because unfortunately if you stop making good loans, then how are you going to pay for the bad loans? Because each bad loan takes up a profit of 10 to 12 good loans." – Shailesh Mehta, fmr. CEO Providian Financial, The Card Game, July 7, 2009.
Jerome Powell and China ruined this country 🇨🇳🗑
Most smart American max it out then file bankruptcy so they don't have to pay back anything! Works great I've seen it happen.
I got a card that returned $200 after spending $600. After paying for the cellphone, gasoline for my car and groceries I had to catch myself not spending more than the $600. Plastic doesn't hurt like letting go of CASH.
Just don't do it! 💳💳💳✂️✂️✂️
No debts, credit, or credit cards since 1984. Watching those that laughed at me living within my means nearly 40 years and now they are getting their comeuppance.
Nobody should be carrying balances on a credit card
Making money is an action. Keeping money is behavior. Growing money is knowledge..
The best thing to do with credit cards is to cut them up and put them in the trash!!
Ask Biden for a new debt forgiveness program
Yeah, they give you a huge discount, for the first 6 to 12 months. Then they jack up the interest rate, to where you can't pay them. I have been on disability since 2016 an lost most of my income. Been using them to survive on. What is fun??
Sounds great until people realize they'll never retire and will blame everyone else but themselves. Trying so hard to impress others with their banks money, not even their own.
when is crypto going to make banks, CC obsolete? still waiting.
Credit cards provide better protection than debit cards. Credit card is hacked the bank is responsible, debit card not so much. Same with urgency.
I've had the same credit card for 22 years I rarely ever charge anything on it but if I do I pay it off as soon as the bill comes
Brought to you by chase freedom
so we start by sayingpeople are in debt, so spend some more? this segment is brought to you by American express/visa. might want to have stated that upfront.
Credit Cards are approved unsecured loans. That’s why interest rates are so high on them. Don’t charge on them unless you have the funds to pay it off. Credits Cards are a tool you can use to have a good credit score and earn rewards, not to use as an emergency fund.
I take care of all balances every Friday. It takes time to learn to keep everything paid off and pay it off before the date balances are reported.
Debit cards don't help your credit score. So it's all a scam