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Credit Cards

The Dangers of Credit Card Debt

December 3, 2023

When signing up for free airline miles or cash-back rewards, most people do not consider the potential dangers of credit card debt. Credit cards help build credit, protect against unauthorized charges, and offer useful benefits when used responsibly. However, if not managed well, credit cards can lead to a dangerous debt trap. 

How do credit cards work?

Credit cards let people borrow money and pay it back later. 

“For the most part, using credit cards and understanding how credit card companies work are pretty straightforward,” said Todd Ossenfort, Chief Operating Officer of Pioneer Credit Counseling. “Just remember, you are expected to pay back any money you spend when the monthly statement comes.”

People can choose to pay back the full amount each month or pay a minimum amount of the balance due.

[Read more…] about The Dangers of Credit Card Debt

Filed Under: Credit Cards, Debt Management

How to Manage Your Credit Card Bills, Which Experts Say Are Late More Often

July 18, 2019

by Ann Carrns

Even with a strong economy, a growing number of people are having trouble paying their credit card bills.
Late credit card payments, while still low, have been ticking upward for the past two years, the Federal Reserve Bank of New York reported in May. Card delinquencies have been rising for borrowers under 30, in particular, but also for borrowers in their 60s, the New York Fed said.

Filed Under: Credit Cards

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