Navigating Credit Card Choices and Pitfalls

This living topic provides a comprehensive overview of the complexities surrounding the use of credit cards, including the potential benefits and dangers. The content explores various credit card options, such as rewards cards, balance transfer cards, and cards tailored for specific demographics like students and those with poor credit. It also delves into the risks of high-interest rates, deferred interest traps, and the implications of increasing credit card debt amid economic shifts. Additionally, it highlights regulatory changes, consumer protection measures, and the impact of fintech innovations on credit card use. Through expert advice and real-world examples, the topic aims to help consumers make informed decisions and avoid common pitfalls in managing credit card debt.

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Why are credit card defaults surging?

Inflation is a factor but financial experts suggest there are other reasons

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Many Americans are starting 2025 carrying unmanageable credit card debt. The credit card default rate has hit its highest level since 2010, as lenders wrote off $46 billion in seriously delinquent loans in the first nine months of 2024.

According to an analysis by the Financial Times, that’s a 50% increase over the same period in 2023. While economic indicators suggest a strong U.S. economy, the experts we consulted say it is not a great economy for millions of Americans....

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2024