The Ultimate Guide to Credit Cards
Tuesday, May 21, 2024

All articles tagged Economy (4)

How Inflation Is Affecting Americans’ Credit Scores

How Inflation Is Affecting Americans’ Credit Scores

Soaring inflation has impacted the financial lives of countless millions of Americans. And although recent reports suggest that inflation may finally be slowing down, recent (and significant) price hikes in consumer goods and services have placed a heavy burden on many households. That means stuff is more expensive, but it’s stuff we still have to buy somehow. The rate of inflation doesn’t directly factor into consumer credit reports or credit scores, but inflation reduces the... read more »

Average Credit Card Interest Rate by Year

Average Credit Card Interest Rate by Year

Credit cards tend to carry relatively high interest rates compared with other types of debt, such as car loans or home loans. One reason is that most credit cards are unsecured. That means there's no asset, such as your home or car, that the card company can seize if you don't pay your credit card balance. Since credit card rates can be high, it's all the more important to be aware of how much interest you're paying and whether it's higher than it needs to be. One way to figure... read more »

6 Wise Ways to Use Economic Stimulus Money

6 Wise Ways to Use Economic Stimulus Money

Money is tighter than it’s ever been before for many U.S. households. In fact, a report on the financial impact of COVID-19 by Haven Life found that 61% of Americans lost household income as a result of the pandemic. With so many people financially affected, talk of another stimulus check coming to consumers is no surprise. Although negotiations are on hold, hopeful families are eagerly planning how to spend this money once it arrives. Whether you’re waiting for a new... read more »

How the Pandemic is Affecting Credit Card Debt, Savings, and Rewards Programs

How the Pandemic is Affecting Credit Card Debt, Savings, and Rewards Programs

Could the COVID-19 pandemic have resulted in something positive? The answer is yes if you focus on the amount of revolving balances consumers are carrying now. The August 2020 Federal Reserve report revealed that credit card debt in the United States is down by more than $2 billion, dropping from a total of $996.8 billion in May to $994.7 billion in July. The less high interest debt you owe to creditors the better because the finance fees won’t be eating into your cash flow. ... read more »