▲ 309 ▼ Average credit card balances jump 10% to a record $6,360, and more consumers fall behind on payments (www.cnbc.com) submitted 2 years ago by return2ozma@lemmy.world to c/news@lemmy.world 50 comments fedilink hide all child comments Americans now owe $1.13 trillion in credit card debt
[–] LightDelaBlue@lemmy.world 2 points 2 years ago (2 children) The concept of credit card sound stupid . Here barely any use them . We use debit card . permalink fedilink source hideshow 4 child comments replies: [–] ExLisper@linux.community 5 points 2 years ago (1 child) Insurance and fraud protection. permalink fedilink source parent hideshow 2 child comments replies: [–] derpgon@programming.dev 6 points 2 years ago (1 child) That's what we have with debit cards. permalink fedilink source parent hideshow 2 child comments replies: [–] ExLisper@linux.community 8 points 2 years ago (1 child) Maybe in your bank. Most banks don't offer any protection for debit cards. Credit card companies offer more protections and that's why people use them. permalink fedilink source parent hideshow 2 child comments replies: [–] ShepherdPie@midwest.social 2 points 2 years ago Many do offer protection but during the period between fraud occurring and the resolution, you don't have access to your money. With credit cards, it's the banks money that's missing. permalink fedilink source parent [–] Ahardyfellow@lemmynsfw.com 2 points 2 years ago (1 child) There are a couple benefits to a credit card as long as you are paying them off and not using them when you don't actually have the money to pay them off. It can improve your credit score which is important if you ever plan on buying a house, so you can get a loan. -There usually aren't any fees for using the card like most debit cards have (at least where I live). many credit cards offer a reward system which you can use to get free stuff, or sometimes just cash back. I have a dividends and get a percentage back on every purchase up to a maximum. So as long as you pay them off monthly, using a CC instead of debit can actually save you money and be a good thing. It's when you can't pay them off, and instead just meet the minimum payments that they become a problem since they have crazy interest rates. permalink fedilink source parent hideshow 2 child comments replies: [–] freebee@sh.itjust.works 1 point 2 years ago It's often the other way around in yurop. Debit cards are free or cheap, credit cards aren't. Credit card scores aren't a thing. They mainly look at job status, income, savings, family money when considering giving a loan for house purchase. There are credit scores and blacklists, but it's more a background bank and government thing, not a game in your banking app. permalink fedilink source parent
[–] ExLisper@linux.community 5 points 2 years ago (1 child) Insurance and fraud protection. permalink fedilink source parent hideshow 2 child comments replies: [–] derpgon@programming.dev 6 points 2 years ago (1 child) That's what we have with debit cards. permalink fedilink source parent hideshow 2 child comments replies: [–] ExLisper@linux.community 8 points 2 years ago (1 child) Maybe in your bank. Most banks don't offer any protection for debit cards. Credit card companies offer more protections and that's why people use them. permalink fedilink source parent hideshow 2 child comments replies: [–] ShepherdPie@midwest.social 2 points 2 years ago Many do offer protection but during the period between fraud occurring and the resolution, you don't have access to your money. With credit cards, it's the banks money that's missing. permalink fedilink source parent
[–] derpgon@programming.dev 6 points 2 years ago (1 child) That's what we have with debit cards. permalink fedilink source parent hideshow 2 child comments replies: [–] ExLisper@linux.community 8 points 2 years ago (1 child) Maybe in your bank. Most banks don't offer any protection for debit cards. Credit card companies offer more protections and that's why people use them. permalink fedilink source parent hideshow 2 child comments replies: [–] ShepherdPie@midwest.social 2 points 2 years ago Many do offer protection but during the period between fraud occurring and the resolution, you don't have access to your money. With credit cards, it's the banks money that's missing. permalink fedilink source parent
[–] ExLisper@linux.community 8 points 2 years ago (1 child) Maybe in your bank. Most banks don't offer any protection for debit cards. Credit card companies offer more protections and that's why people use them. permalink fedilink source parent hideshow 2 child comments replies: [–] ShepherdPie@midwest.social 2 points 2 years ago Many do offer protection but during the period between fraud occurring and the resolution, you don't have access to your money. With credit cards, it's the banks money that's missing. permalink fedilink source parent
[–] ShepherdPie@midwest.social 2 points 2 years ago Many do offer protection but during the period between fraud occurring and the resolution, you don't have access to your money. With credit cards, it's the banks money that's missing. permalink fedilink source parent
[–] Ahardyfellow@lemmynsfw.com 2 points 2 years ago (1 child) There are a couple benefits to a credit card as long as you are paying them off and not using them when you don't actually have the money to pay them off. It can improve your credit score which is important if you ever plan on buying a house, so you can get a loan. -There usually aren't any fees for using the card like most debit cards have (at least where I live). many credit cards offer a reward system which you can use to get free stuff, or sometimes just cash back. I have a dividends and get a percentage back on every purchase up to a maximum. So as long as you pay them off monthly, using a CC instead of debit can actually save you money and be a good thing. It's when you can't pay them off, and instead just meet the minimum payments that they become a problem since they have crazy interest rates. permalink fedilink source parent hideshow 2 child comments replies: [–] freebee@sh.itjust.works 1 point 2 years ago It's often the other way around in yurop. Debit cards are free or cheap, credit cards aren't. Credit card scores aren't a thing. They mainly look at job status, income, savings, family money when considering giving a loan for house purchase. There are credit scores and blacklists, but it's more a background bank and government thing, not a game in your banking app. permalink fedilink source parent
[–] freebee@sh.itjust.works 1 point 2 years ago It's often the other way around in yurop. Debit cards are free or cheap, credit cards aren't. Credit card scores aren't a thing. They mainly look at job status, income, savings, family money when considering giving a loan for house purchase. There are credit scores and blacklists, but it's more a background bank and government thing, not a game in your banking app. permalink fedilink source parent