This NEW Credit Card News Is More TERRIBLE News
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- čas přidán 3. 05. 2024
- This new credit is more terrible news.
There was a new credit card news article by CBS News and it’s showing a continuing pattern regarding credit cards.
Right now, credit card interest rates are super high.
The Fed recently decided to not lower credit card interest rates.
With credit card interest rates staying high, it puts credit card holders who carry balances on their credit card accounts in danger.
Not only can it potentially lead to credit card debt, it could also have a negative impact on credit scores.
Do you have credit card debt?
#creditcard #creditcards #creditcardnews #creditcardadvice
Article referenced in video: www.cbsnews.com/news/what-the...
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I pay my card off every month
Smart move. Thanks for watching.
That’s most beneficial for your consumer report.
@@IndigenousStallion exactly which I am up to 725
The rates are nuts and a Balance is scary because so many things can happen to make us unable to pay
Definitely. Thanks for watching, Betty.
Might start seeing more folks live on that 7 year hamster wheel, hoping things get better for everyone.
Thanks for watching.
Great info Nell!🫵 Current rates are very high and we should avoid them. A good credit score is a solid plan B💪
Indeed. Thanks for watching, Cesar. I appreciate it.
I Thank GOD For You.
I appreciate. I thank God for you all. Thanks for watching, Kevin.
Credit card interest rates are not set by the Fed, the fed sets the prime rate and credit card companies set a rate based on that but they have a lot of discretion. Most credit card issuers and processers make most of their money from transaction fees and annual fees. Only the bottom of the barrel card issuers are making most of their money on interest on debt.
Banks and issuers love when you run a balance because you make them a lot of money and make any rewards you've earned worthless, but they don't want you to take on more debt than you can reliably pay back -- a good vampire keeps their victims alive so they can feed again and again.
If you pay your bill on time every month the interest rate is irrelevant. I don't know the interest rates on any of the cards I have because I never run a balance.
Thanks for watching.
That logo is fresh.
I appreciate it. Thanks for watching.
Nell, unfortunately you will always have people complaining about your opinions etc. Your channel is my go to for everything having to do with credit scores and news! Some people just done like to deal with their reality and that is what you do each and every day! Thank you so much!
Very true. Thanks for watching, Joe.
Question….is my score affected more positively or negatively if I zero my balance opposed to leaving less than $100 there. If I leave a little balance and there is no 0% apr
Will they tax that little balance
What’s best
There are videos on this channel that cover this topic. Check out the playlist on the homepage of this channel. Thanks for watching.