Buy, Buy, Buy On Credit…Bye, Bye, Bye To Your $$$

Americans are buying loads of stuff to stimulate the economy.

The problem is, they are buying it with borrowed money.

The Consumer Financial Protection Bureau reports Americans paid 130-billion dollars in interest and fees in 2022.  That’s a record.

LendingTree’s chief credit analyst estimated that 2023 could see consumers paying even more in interest and fees.

Interest rates on some credit cards are now at 30%

But Late Fees continue to be the biggest penalty facing credit cardholders.

Those fees are slapped onto your bill when you fail to pay the minimum amount due on your bill…by the date it’s due.

LendingTree’s chief credit analyst estimated that 2023 could see consumers paying even more in interest and fees.

A person with a wallet, taking out a credit card.

Photo by Alpha Media USA Portland OR