Gen Z has been accumulating credit card debt faster than any other generation, with a notable portion of this debt being used for luxury item purchases.
Withdrawing cash using your credit card is expensive due to high fees and immediate interest charges. Cash advances often have higher interest rates than regular purchases.
Using a credit card to pay for tuition and other educational costs can be costly due to the processing fees and high-interest rates involved.
Financing special events like weddings with a credit card can start your married life with significant debt.
Although some utility providers allow credit card payments, they usually include a convenience fee. This additional cost can be avoided by paying directly from your bank account.
Apps like PayPal, Venmo, and Cash App allow you to link your credit card for payments, but they charge around 3% for each transaction.
According to the Consumer Financial Protection Bureau (CFPB), medical bills put on credit cards often come with high-interest rates after initial teaser periods and can result in significant debt accumulation
Using a credit card to pay for rent or mortgage payments can seem convenient, but it often comes with significant fees.
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