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The ultimate guide to using your credit card wisely

The Indian <keyword id="22196321" type="General" weightage="20" keywordseo="credit-card-industry" source="keywords">credit card industry</keyword> is struggling to grow, as new issues slow down on a year-on-year (YoY) basis. Not only has the growth i.e. issuance of new credit cards slowed down, but lenders are also becoming increasingly cautious of the asset qualities, a recent report by Nomura showed. From 19% in July 2024, the growth in the <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword> spendings came down to 13% in August 2024. The year-to-date (YTD) growth has also significantly declined in FY25, currently standing at 17%, markedly down from 28% in FY24. For the fifth consecutive month, the number of new credit cards added to the system remained well below the 1-million, or 10 lakh mark. Around 9.2 lakh credit cards were added during the month, a slight uptick from the 7.55 lakh cards that came into the system In July 2024. However, there is growth in this space nevertheless, with about 10.55 crore active credit cards at present, marking a 15.6% YoY increase. Even the annualised spend per card, or the average amount spent via an annual card during an year grew 1% YoY to Rs 1.87 lakh. But this was far less than the 7% growth annual spends via one credit card saw in FY24. Meanwhile, what continues to burgeon consistently is the outstanding amount on these credit cards, which ballooned to Rs 2.7 lakh crore in June 2024, up from Rs 2.6 lakh crore in March 2024, and around Rs 2 lakh crore in the year ago period. To put this in perspective, pre-pandemic, the total outstanding amount stood at Rs 87,686 crore, which marks a 24% CAGR in this amount, in just a span of 5 years. <h2>Large drops, slowdown to sustain</h2>Even the monthly expenditure per card dropped 2% YoY to Rs 16,000 in August, 2024. Subsequently, the transaction volume via credit cards also dipped to 1.6% in August, along with the total amount of <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword>, which fell to Rs 1.69 lakh crore in August, from Rs 1.73 lakh crore in July. Also, there has been a hefty cutdown in provisions made for credit card reward points, which reflects in the quantum of credit card benefits that have been mowed out by companies of late, making credit cards far less lucrative than before. <h2>HDFC takes lead </h2>During August 2024, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC bank</keyword> added a total of 2.41 lakh credit cards, taking its total tally of active credit cards to 2.19 crore. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> came a second distant, adding 1.45 lakh credit cards during the month, which means that the second-largest credit card issuer now holds over 1.75 crore active credit cards. Axis Bank and SBI Cards also added 1.27 lakh and 1.1 lakh cards, respectively to their repertoire during the month, while the growth numbers at Kotak Mahindra Bank remained largely flat, stagnating the bank's total card tally at 54.13 lakh. This was due to the ongoing ban on the bank due to its weak IT infrastructural issues imposed by RBI in April 2024. If anything, the bank's number of credit cards declined by 61,191 during the month. Even as the festive season approaches, experts think that it is unlikely to make a major dent in credit card spendings, which are expected to see a further slowdown in the quarters to come.

Credit card growth experiencing a slowdown, as borrowers struggle to pay back loans

<ul class="summary-list"><li>If you've gotten really into credit card rewards in recent years, you're not alone.</li><li>Some Americans go to great lengths to maximize points, sign-up bonuses, and cashback.</li></ul>Aaryan Desai picked up a hobby during quarantine: <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-cards/best-credit-cards">researching</a> <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-cards/transferable-credit-card-points-best-rewards-to-earn">credit card</a> <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-cards/ways-to-use-credit-card-points-beyond-travel">rewards</a>.The 20-year-old swipes as much as he can. Right now he's <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-cards/how-to-book-free-travel-cheap-deals-credit-card-rewards">banking points</a> for a concert in October and a big trip after he graduates from Georgia Tech.Desai is part of a new generation of credit card users: young, perks-focused, and ready to maximize. Today's credit cards, he said, are like the coupon books of yore. The perks might not always be the right fit, but, if you figure out a good configuration, you can find some big savings.For Desai and other <a target="_blank" class="" href="https://www.businessinsider.com/credit-card-rewards-points-friends-fights-brunch-money-payment-venmo-2024-7">rewards hounds</a>, the realization that they can perform a sort of points arbitrage was a real hook."Just using the money that I would be using otherwise or just getting together with friends and that, 'hey, I can just put it on my card and you can Venmo me later,' opening the door to getting 80,000 points from Chase or 175,000 from American Express — it was a new opportunity," he said, adding: "That's what got me into it."If it seems like the whole country suddenly has credit card point mania, you would be correct: An <a target="_blank" href="https://www.ipsos.com/en-us/majority-americans-value-their-credit-card-rewards">Ipsos poll</a> of 1,081 adults conducted from April 31 to May 1 found that 71% of respondents have a rewards or cashback credit card, and 68% said that they prefer using their credit card because of the rewards and points that they can earn.The poll found that a fifth of Americans ages 18 to 34 use their rewards to pay for things they wouldn't be able to afford otherwise. Younger Americans are flocking to previously fancy cards like <a target="_blank" href="https://www.businessinsider.com/american-express-platinum-card-gold-gen-z-millennial-rewards-2024-6">American Express</a>, willing to shell out hefty annual fees in exchange for perks like <a target="_blank" href="https://www.coachella.com/amex">exclusive access to Coachella tickets</a>.The rewards are a big reason <a target="_blank" class="" href="https://www.businessinsider.com/credit-card-rewards-points-friends-fights-brunch-money-payment-venmo-2024-7">credit cards</a> have become a cultural juggernaut among young Americans. As costs rise and <a target="_blank" class="" href="https://www.businessinsider.com/millennial-subsidy-uber-airbnb-prices-surge-pricing-dynamic-2024-8">the millennial subsidy fades</a>, credit card rewards help a new generation live lifestyles they may not otherwise be able to afford: first-class flights, hotel rooms, and VIP concert experiences. It doesn't hurt that social media is full of videos and blogs that offer the tantalizing promise of free trips, luxury lounges, and fancy restaurants — if you can cobble together the right puzzle of points and cards without digging yourself into too much debt.<h2 id="124d8b83-ad11-40eb-84a1-249d4ffa65bd">Living the high life on credit card perks</h2>At first, 29-year-old Willem Van Eck thought the rewards game was a snake oil salesman's gambit. Cut to: He's stretched out in a first-class seat, a glass of bubbly in hand."Wow," he thought, "this actually is a scheme that you can leverage with the right flexibility and with the right research," Van Eck, a software engineer in the Bay Area, said.Credit card rewards work as an incentive to get customers to swipe more. They can come in the form of cashback — which means you get a partial refund for a given purchase in the form of a credit on your bill or a transfer to another account. Or they come as points, which are more nebulous but can typically be used as currency for future purchases. And then there are other perks like hotel credits, airline miles, gift cards, and upgrades like Van Eck's.For instance, the Platinum Card from American Express — often considered one of the <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-cards/chase-sapphire-reserve-vs-amex-platinum-card#fees">top cards for rewards</a> — will cost you $695 in annual fees. In return, you'll get five points for every dollar spent on flights and a point for every other dollar spent. On average, <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-cards/what-are-points-miles-worth-value#amex-membership-rewards">per BI's calculations</a>, an Amex point is worth 1.8 cents. Say you spend $5,000, $2,500 of which went toward flights; you'd net 15,000 points, which could equal around $270 — a significant chunk of the annual fee.In addition, many cards will also offer substantial sign-up rewards. The Platinum Card offers 80,000 points for spending $8,000 in the first six months of holding the card. Those 80,000 points alone could be worth twice as much as the annual fee.Taking advantage of this system requires diligence and restraint to avoid paying more in interest and fees than you gain in rewards. According to <a target="_blank" href="https://www.federalreserve.gov/econres/feds/files/2023007pap.pdf">a paper</a> looking at who this system hurts and benefits, borrowers who carry balances and businesses — which pay a fee on each credit card transaction — subsidize the fun for the rest of us.Pre-pandemic, Van Eck was chasing cards with high sign-up bonuses, like the Chase Sapphire Preferred card, because they allowed him to transfer points to airlines so he could book business or first-class seats. During the pandemic, he took note of the <a target="_blank" href="https://www.wsj.com/articles/airline-cards-lose-luster-as-coronavirus-persists-11606991400?mod=article_inline">beefed-up bonuses and short-term benefits</a> that companies were offering in an attempt to lure customers; his Delta card offered a $15-a-month dining credit, for instance. That's when Van Eck noticed that more of his Gen Z and millennial friends starting to become adept at navigating their benefits.Van Eck is very cautious of lifestyle creep and ensuring that cards are worth his while, especially amid high interest rates, inflation, and recessionary fears."I've seen most of my peers, including me, reevaluate the value proposition of the cards," he said. Every year, he goes through his list of cards to see which ones paid for themselves without him changing his behavior. If one doesn't, he'll cancel it.But not everyone is as prudent as Van Eck. In the high-paying tech industry where he works, Van Eck still sees people changing their habits to maximize rewards, which he doesn't think is smart. This could be why delinquencies have been on the rise in recent years, with the youngest borrowers leading the pack. After all, credit cards are fun to use. No, really. Contrary to the belief that we overconsume with credit cards because they ease the pain of spending, <a target="_blank" href="https://mitsloan.mit.edu/experts/how-credit-cards-activate-reward-center-our-brains-and-drive-spending">research finds</a> that their bigger appeal is that they make our brains feel like we're getting a reward. All that stands between you and access to that first-class airport lounge are a few taps or swipes.<h2 id="0f454fca-2571-4637-a3e5-c54130cda971">Nothing good lasts</h2>Credit card companies aren't just giving away rewards for free.As Lulu Wang, an assistant professor of finance at Northwestern's Kellogg School of Management <a target="_blank" href="https://insight.kellogg.northwestern.edu/article/who-pays-generous-credit-card-rewards#">finds</a>, many businesses will pass on their costs to customers. For example, say you use a 1% cash back rewards credit card at your favorite local coffee shop on $100 worth of coffee for you and your friends. The shop pays a 2% fee on the transaction — $2 — to your card issuer. Then, your card issuer would use some of that 2% fee to give you your 1% back. To cover their fee, the shop might raise their prices."In some sense, when you benefit from those rewards, you're taking that money from some mix of the merchant and other cash and debit card consumers out there in the economy who are then not benefiting from those rewards," Wang said.Perks aren't always a great deal for everyone. Will Springer, a 41-year-old in Indiana, uses his Chase Sapphire Preferred and Amex Platinum cards primarily for perks like travel insurance and car rentals. Since he lives in a more rural area, an Equinox gym membership benefit is moot, and he can't really use the Uber benefit offered — he sometimes converts it into food delivery credit for Uber Eats.Other loyal credit card point users say you can't bank on your favorite perks sticking around. Brandon Zemel, a 32-year-old music producer in Las Vegas, puts pretty much everything on a credit card. He has two cards, the Chase Sapphire Reserved with a higher annual fee that's more travel-catered, and the Chase Freedom Unlimited, which has a fairly flat return on points. He said his travel card shaves hundreds of dollars off of his expenses, and he loves to use his points to get himself onto seat upgrade lists.But Zemel recently lost a hugely useful travel benefit: a "<a target="_blank" href="https://www.forbes.com/advisor/credit-cards/chase-sapphire-reserve-card-ending-priority-pass-restaurant-benefit/">priority pass</a>" that could be converted into a $28 dining credit for both him and a guest."It seems to be a thing these days that every year, two years, three years, these companies devalue their product or their perks provided by their product," Zemel said. "And I guess to some extent it's to be expected, but it does kind of remind you that the things that you currently enjoy are not necessarily going to be here long term."As Zemel has seen during his time as a cardholder, the rewards craze has basically "grown exponentially," propelled by popular blogs and TikTokers. That can also dim the appeal of previously exclusive perks, like overcrowded airport lounges."People got really used to anyone with a pulse basically having some kind of access to the lounge at the airports," he said. Now, Delta has <a target="_blank" href="https://www.cnn.com/travel/delta-ceo-bastian-skymiles-changes/index.html">recognized</a> that it had too many elite cardholders — leading it, in some cases, to restrict access to <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-cards/delta-sky-club-credit-card-access">lounges</a> to higher spenders.It's what Wang says is an example of "<a target="_blank" href="https://www.huffpost.com/entry/what-money-cant-buy_b_1442128">skyboxification</a>" — an increasing stratification of life among haves and have-nots, like a baseball stadium that's divided between crowds in the stands and richer fans in box seats."I can totally understand this looming dread that society is getting splintered into those who have access to this kind of stuff and those who don't," Wang said.I can relate to this sentiment. At a music festival this summer, I learned that my Chase Sapphire credit card would let me skip the line and access an air-conditioned tent with free water.However, when I arrived I learned a hard truth: I actually needed the card one tier above mine to get in. For one brief moment, as I gazed at the sparse crowd inside, I thought about applying on the spot. But I ultimately decided it wasn't in my best interest to incur a higher annual fee and open another line of credit.And yet, as I stood among the packed and sweaty masses, waiting nearly an hour to get food and water, I felt haunted by the skybox appeal. Would a new credit card do anything positive for my finances? Most likely not. Would it make me feel like a VIP at this event? Definitely. Maybe I'll try to get the Sapphire Reserve before next year's festival.Are you passionate about your credit card rewards? Have you gotten into debt trying to play the points game? Contact this reporter at <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>.

Welcome to credit card points mania

16 million credit cards purchased in FY 2023-24, UPI payments up by 42%: PwC report

Lana Linge has $42,000 in credit-card debt, but it's not the giant tab that has her most frustrated.The 29-year-old says she takes full responsibility for her debt. After getting her first credit card in her early 20s, Linge accumulated small amounts of debt but was always able to pay it off. That changed in 2020: Linge struggled with managing her spending on necessities and other items, like clothes, while in isolation, causing her bills to grow. Things got worse after she lost her job this past October, and she eventually depleted her savings to keep up with the payments on her card."I know for a lot of people, they're in debt because of these freak things that are outside of their control," Linge tells me. "The reason that I'm in debt primarily is from overspending, and I don't try and negate that in any way."Overwhelmed, Linge is going through the painful bankruptcy process to discharge the debt. Looking back, she regrets not paying more attention to the details of her card's interest rate. Wooed by the rewards and perks the companies were offering, Linge signed up for a card with an interest rate she says ballooned to over 20%. The growing interest payments meant that even as she worked to get her spending under control, the bills kept growing.Linge's experience may be on the extreme end of America's personal finance journeys, but she isn't alone in her interest-rate woes. Consumers are always looking for deals, and it's easy to be swayed by credit-card companies offering glitzy rewards and points. As Adam Rust, the director of financial services at the Consumer Federation of America, told me, issuers are "putting the sizzle before the steak." But many of these cards come with high rates and hidden fees, and by the time consumers realize just what they signed up for, credit-card companies have raked in the profits."Credit-card companies can get away with charging high rates of interest because consumers aren't necessarily paying attention and marketing doesn't focus on that," he said.The average credit-card interest rate is now just over 21%, up from about 15% a decade ago. More importantly, the gap between the interest rate that credit-card companies pay banks that oversee their business and the one they charge you is the widest it has been in nearly 30 years. Even with existing regulations and the recent interest-rate cuts from the Federal Reserve, credit-card companies have the power to exploit consumers, and people with growing debt piles have few avenues for relief. Additionally, as credit-card companies continue to charge high interest rates, more cardholders in debt become delinquent — and that could push the US economy closer to recession."What we're seeing from the data shows a rapidly deteriorating financial landscape for Americans," Bruce McClary, a senior vice president at the National Foundation for Credit Counseling, tells me, "with a lot of people teetering on the brink of severe financial crisis."<h2 id="ddbac9bc-8e83-4317-902e-7a4e1408e665">The squeeze is on</h2>Americans have a lot of debt piled up on their little pieces of plastic. The Federal Reserve Bank of New York said in August that Americans owed a record $1.14 trillion on their credit cards in the second quarter and that balances increased by $27 billion from the same period a year ago, a 5.8% jump. TransUnion says the average credit-card balance per debtor stands at $6,329, up by 4.8% from a year ago. Most worryingly, according to the New York Fed, the percentage of people who had fallen more than 90 days behind on their payments climbed to 6.4% by the end of 2023, up from 4% at the end of 2022. Austan Goolsbee, the president of the Federal Reserve Bank of Chicago, described those rising delinquencies as "uncomfortably high" and a "warning sign" for the economy.This may be worrying news for average households and the US economy, but it is wonderful news for the credit-card companies. Credit-card issuers make money in a few ways, but one of the most important is interest payments. When a customer doesn't pay off their full balance each month, they pay interest that the credit-card company collects, so increasing interest rates is an easy way to bring in more profit. To better understand the strength of the credit-card industry, look at the split between the federal funds rate — the interest rate at which banks make very short-term loans to each other, which is also used as the benchmark for almost every other type of loan — and the average credit-card interest rate. Data from the St. Louis Federal Reserve indicates the difference between the rates is at a nearly three-decade high, suggesting credit-card companies feel free to charge high interest rates regardless of what the Federal Reserve does with the federal funds rate."We should never lose sight of just how profitable credit cards are," Rust says. "You've got interest, you've got interchange, you've got late fees; credit-card companies are making so much money."The Consumer Financial Protection Bureau estimated in February that major credit-card companies earned about $25 billion in additional interest revenue in 2023 by raising their annual-percentage-rate margins, or the difference between the APR and the interest rate set by banks, known as the prime rate. It also found that major issuers raised the average margin by 4.3 percentage points over the past decade, to an all-time high. Using data on how Americans deploy their cards to paint a representative picture, the CFPB estimated that the margin increase cost the average consumer with a balance of $5,300 more than $250 in 2023. On top of that, the bureau's 2023 report to Congress on the credit-card market said companies charged consumers over $105 billion in interest in 2022, helping boost the profit margin for these companies to 5.9% from 4.5% in 2019.These staggering numbers are made possible by the tactics that credit-card companies use to lure in new customers. Antoinette Schoar, an economist at MIT who coauthored a paper examining credit-card companies' use of behavioral biases to acquire customers, says companies use data to determine a prospective customer's education and income levels and will tend to offer products with hidden fees and high rates to people with lower educational attainment and income. For example, a company might advertise a 0% APR, but the consumer might not realize that that rate can't last forever, leading them to take on balances higher than they can afford to pay off. She says that while the tactics companies use to appeal to certain consumers can lead to high balances and credit-card debt, the companies aren't the only ones to blame — government regulations to prevent this kind of misleading marketing by credit-card companies could force the companies to compete by offering customers a better deal."We need better regulation so that the card companies are competing on the right dimensions and not on increasing convolution or increasing confusion to their customers," Schoar says.<h2 id="a19bffcc-ffc0-46bd-9211-4a8e68d3409d">'The highest credit-card rates we've ever seen'</h2>Until 1978, most states had laws capping interest rates for credit cards and consumer products. But a Supreme Court decision that year allowed banks to charge whatever interest rate they wanted if they were headquartered in a state without a usury law. This inspired a race to the bottom, with states like South Dakota and Delaware doing away with their laws in order to attract more business from banks. The industry ended up with, as David Silberman, a senior fellow for the Center for Responsible Lending, put it, virtually "no legal constraints on the interest rate they charge." Lawmakers have tried to rein in the industry — for instance, the CARD Act, enacted in 2009, required card issuers to notify consumers of interest-rate increases at least 45 days in advance and put restrictions on things like late fees and withdrawal fees. The legislation, however, didn't cap interest rates or rate increases. Lowering the current high interest rates, and the profits that come with them, has become a priority across the aisle. GOP Sen. Josh Hawley introduced a bill in 2023 that would cap interest rates at 18% and impose penalties on companies that violate the cap. "Americans are being crushed under the weight of record credit card debt—and the biggest banks are just getting richer," Hawley said in a statement, adding that "capping the maximum credit card interest rate is fair, common-sense, and gives the working class a chance." Democratic Sen. Elizabeth Warren brought up the issue during a Senate hearing in May, saying credit-card companies had "grown their profits through interest and fees."The Federal Reserve cut its benchmark interest rate in September after holding it steady for over a year, but credit-card holders with high interest rates won't feel any relief off the bat. Michele Raneri, a vice president and head of US research and consulting at TransUnion, told me that's because consumers have to pay off their balances at the interest rate in place when they accumulated the debt, so the lower rate wouldn't apply."It'll take a while for the consumer to realize the benefit of it," Ranieri says.The high inflation of the past few years has also made it easier for consumers to fall into credit-card debt. Ted Rossman, a senior industry analyst at Bankrate, described the feedback loop of high prices and high interest rates as "a tough cycle to break." Credit-card companies know what they need to do to maximize profit: If they offer rewards and bonuses up front, they can snag new customers before they realize the high rates they're signing up for. Profits keep rolling in for issuers, while consumers fall further behind.<a target="_blank" rel="" href="https://www.businessinsider.com/author/ayelet-sheffey">Ayelet Sheffey</a> is a senior economic policy reporter on Business Insider's economy team.

Credit card companies are ripping you off like never before

<keyword id="20599258" type="General" weightage="20" keywordseo="Indian-consumers" source="keywords">Indian consumers</keyword> demonstrated a significant increase in their <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword> in July this year, marking a 19% increase compared to the same month last year. According to a report released by <keyword id="19945737" type="General" weightage="20" keywordseo="SBI-Securities" source="keywords" meta.keywordsubtype="org" meta.entityname="SBI Securities" meta.hostid="261" meta.entityid="SBI Securities">SBI Securities</keyword>, the total expenditure by credit card users across the country reached an impressive Rs 1.7 trillion. This substantial uptick highlights the growing reliance on credit cards for transactions, reflecting broader economic trends and <keyword id="20740758" type="General" weightage="20" keywordseo="consumer-confidence" source="keywords">consumer confidence</keyword>. The report also highlighted a considerable increase in <keyword id="21118324" type="General" weightage="20" keywordseo="transaction-volumes" source="keywords">transaction volumes</keyword>, which surged by 39% year-on-year, reaching a total of 38.4 crore transactions in July 2024. This increase in the number of transactions underscores the widespread adoption and usage of credit cards as a preferred <keyword id="20632158" type="General" weightage="20" keywordseo="payment-method" source="keywords">payment method</keyword> among Indian consumers. "Credit card spending in India increased 19% YoY to Rs 1.7 trillion in Jul'24. The transaction volume during the month was 38.4 crore, up 39% YoY" said the report. The report also noted that among the banks, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> emerged as the leader in terms of transaction volumes, with its credit cards facilitating 9.9 crore transactions during the month. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> followed closely with 7.1 crore transactions, while SBI secured the third position with 6.3 crore transactions. In terms of transaction value, HDFC Bank again led the way, with a total spend of Rs 44,369 crore through its credit cards in July. ICICI Bank and SBI followed with Rs 34,566 crore and Rs 26,878 crore, respectively. The report said "In Jul'24, transaction volumes was led by cards issued by HDFC Bank (9.9 crore) followed by ICICI Bank (7.1 crore) and SBI (6.3 crore)". Additionally, the <keyword id="22988051" type="General" weightage="20" keywordseo="average-transaction-value" source="keywords">average transaction value</keyword> (ATV) also saw a marginal increase of 1.4% month-on-month in July 2024. This marks the first increase in ATV in ten months, suggesting a shift in consumer behaviour towards higher-value transactions after a period of stagnation. Overall, these figures reflect the growth of credit card usage in India, driven by increased consumer confidence and the convenience offered by credit card transactions.

Indians credit card spending increases 19% YoY to Rs 1.7 trillion in July 2024

<ul class="summary-list"><li>I use credit-card points to book almost all my travel, but I try not to carry a balance on my cards.</li><li>I don't stockpile points unless I'm strategically saving for a specific trip.</li></ul>I am a <a target="_blank" class="" href="https://www.businessinsider.com/mistakes-to-avoid-visiting-50-states-according-to-frequent-traveler-2024-10">frequent traveler </a>— on average, I fly at least once a month — and I put most of my expenses on my Delta co-branded airline credit card.I save a ton of money while traveling by using my points to book flights, and my credit card also gets me into <a target="_blank" class="" href="https://www.businessinsider.com/things-to-never-do-airport-lounges-frequent-flyer">airport lounges</a> where I don't have to pay for food and beverages.Over the years, I've found a few ways to optimize my points by following a few rules. As someone who <a target="_blank" class="" href="https://www.businessinsider.com/europe-family-vacation-million-credit-card-points-luxury-flights-hotels-2024-10">books most of my travel with points</a> and miles, here are things I'd never do.<h2 id="30c646fa-2b51-415a-a4df-78b35ca57dda">Instead of hoarding points, I strategize how I'll use them</h2>I always have a target or goal that I'm saving my points toward, and I use them for travel we're planning in the near term rather than hoarding them for "someday."For example, I recently got enough points accrued for my family of four to fly roundtrip from San Antonio to <a target="_blank" class="" href="https://www.businessinsider.com/day-trip-to-bahamas-from-florida-balearia-ferry-review-2023-5">Fort Lauderdale</a> for our vacation.I typically use my saved miles to pay for my family's travel and charge my own airline ticket to my card. This keeps me accruing miles while feeling like I'm getting four tickets for the price of one.<h2 id="68f19801-e919-427a-9828-f30bbf0c669e">I only use my points for flights</h2><div type="image" title="Airport with glass wall" height="3484" width="5195" msid="114991387" hostid="261" sizebytes="482900"></div>In my experience, it's rarely a good value to use my <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-cards/what-are-points-miles-worth-value">airline miles</a> and credit-card points on hotel stays or vacation packages.I can usually find deals on hotels through other loyalty programs or discount websites, so I save my points for flights, where they give me the most mileage — pun intended.<h2 id="b1a82e3d-122a-45aa-85d9-c693c89054f1">I try not to carry a balance on my credit card</h2>I accrue points through flights and other purchases with my Delta card, but I work to spend in a way that allows me to pay off my purchases monthly.I never want to carry a balance I can't afford and potentially <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-score/how-to-build-credit">negatively impact my credit</a> or get charged interest.<h2 id="67411841-bef4-4cbd-8eb0-6ce2b7dea7a1">Another thing I'd never do is have credit cards across a bunch of airlines</h2>I primarily travel on Delta but don't always get to choose my airline for work. Even so, I stick with my Delta card and just stay signed up for basic loyalty programs with other airlines.It's common to earn tons of miles when opening a new co-branded airline card, but I resist the offers. This is one time when I like to keep all my eggs in the same basket.I miss these perks when I'm not flying my preferred airline, but I remind myself that multiple airline cards mean multiple annual fees, and at the end of the day, that's not a good financial move for me.Plus, I like that my preferred credit card gives me free checked bags and the ability to choose a good seat without paying extra. I can also get on the plane in one of the early boarding groups, so the plane probably won't run out of overhead bin space before I get to my seat.Transparently, I also have a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-cards/chase-southwest-rapid-rewards-premier-credit-card-review">Southwest Airlines</a> co-branded card, but I don't use it often. It's my oldest credit card, and the interest rate is reasonable, so keeping it is good for my credit score for now.<h2 id="940cab87-07b9-4790-adfa-c7b6dfcea3cf">I won't delete emails from my credit card company until I read them</h2>I like to be an informed customer by staying updated on my card's changes and latest offerings.Sometimes, this means sifting through a lot of emails, but I set aside time to read through any changes to my card and special offers.Plus, some discounts or offers are time-sensitive, so failing to read the emails promptly might mean I miss out on news that would <a target="_blank" class="" href="https://www.businessinsider.com/traveling-world-learned-save-money-at-home-2024-10">save me money</a>.

I use credit-card points to book almost all of my travel — but there are 5 things I'd never do

Pam's circle of parent friends likes to <a target="_blank" class="" href="https://www.businessinsider.com/how-much-kids-cost-raising-child-inflation-childcare-tax-exemptions-2024-1">split the financial load</a> when it makes sense, whether it's ordering pickup or delivery, going out for a group meal, or getting <a target="_blank" class="" href="https://www.businessinsider.com/cost-summer-camp-childcare-inflation-parents-debt-work-schedules-2024-7">tickets to a theme park or a movie</a>. But there's one dad who has recently picked up a habit that irks her: He insists on putting all their group purchases on his credit card.The gesture comes off as nice, but it ends up making extra work for Pam because she's constantly having to use apps like <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/digital-payments-apps-send-my-kids-money-2023-9">Splitwise or Venmo</a> to pay him back. Even when it would be easier if she just paid her family's part, he seems to slide his card in first. Once, when the guy was in line in front of her at a fast-casual restaurant, he waited for her to order before butting in to try to put the purchase on his card. It's not the end of the world, but Pam told me it's bothersome — especially because this dad acts like no one is picking up on what's going on. He's not doing all this out of the kindness of his heart; he's doing it because he wants the <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-cards/ways-to-use-credit-card-points-beyond-travel">credit-card rewards</a>."I overheard this person say that, 'Oh, with all of this spend on my credit card, I get 5% off this or 20% off this.' And I'm thinking, 'Oh, so this is just benefiting you,'" Pam, who lives in San Francisco and asked to use a pseudonym so the jerk in her group wouldn't know she thinks he's a jerk, told me. "I like people who are just up front versus trying to sneak things in and manipulate."Consumers love their rewards. In a recent poll from Ipsos, 71% of Americans surveyed said they had some sort of rewards, points, or cash-back card, and 80% of those with such a card said they valued their rewards. They'll cling onto those rewards even if it means a tough outcome for others: A 2019 LendingTree survey found that people were likelier to support a cap on how high credit-card companies could set their interest rates if the limit reduced access for people with imperfect credit than they were if it meant the cap would lower their rewards. Credit-card issuers and banks love rewards, too — they're a good way to attract customers.But maybe we love our credit-card rewards too much, to the point that it's making us act in less-than-ideal ways toward those we hold near and dear. Money is always complicated, and the standoff over who gets 1.5% cash back or three times the airline miles after paying for brunch is no exception. And it seems like no matter who picks up the check, everyone is a bit dissatisfied: For every Jane angry at Joe for insisting on putting everything on his credit card so he can upgrade his honeymoon to Singapore, there's a Mary fuming at Mike for shortchanging her when he paid back his part of the bar tab, making the points she got for paying the up-front cost a wash."It does seem like one of those ultimate pick-your-battles kinds of things," Matt Schulz, the chief credit analyst at LendingTree and the author of "Ask Questions, Save Money, Make More," said in an interview. "It's an awkward thing, and you just don't want to be that person who makes things uncomfortable over something like credit-card rewards."But credit-card rewards are, indeed, making things uncomfortable.Plenty of people have had the experience of the check landing after a group meal and multiple people trying to put their credit cards down so they'll earn the rewards. Usually, it winds up fine — you agree to split it, or you all decide to take turns, one person pays this time for the points, another next time. Not everyone at the table cares about maximizing their rewards, but just like some people are super into Taylor Swift or fantasy football, others are obsessed with gaming credit-card points. Whatever the case, a lot of points-related interactions can start to feel pretty icky pretty fast. Take a spin around Reddit, and you'll find all sorts of rewards-related conflicts. There are people complaining that their spouses don't want to play the rewards game, and other point obsessives weighing whether it's OK to refuse to split their rewards with their point-indifferent partners. <a target="_blank" href="https://www.reddit.com/r/AmItheAsshole/comments/108kjlj/aita_for_paying_for_my_share_of_the_trip_with/">One user asked</a> whether they should be expected to share their travel bonus with friends after booking a group trip. <a target="_blank" href="https://www.reddit.com/r/CreditCards/comments/vstsmq/paying_with_points_on_a_group_trip/">Another sought advice</a> after a friend asked whether they might be able to use their rewards to get a discount on a hotel for their group of friends. "I do have points," the person wrote, "but they are perks I get." They asked whether it might be acceptable to use their points but charge people the monetary value of the booking anyway.Jen, from Chicago, pays for everything she can to rack up rewards, and she's pretty sure it doesn't bother anyone else. "I haven't really run into anyone who's been super pissed off," she said, though she cools it in professional settings. If anything, it's a hassle for her. When traveling in a group, she's typically burdened with all the planning so that she can put all the flights and hotels on her card. Her partner refuses to get his own rewards card, which is frustrating, so she finally made him an authorized user on one of hers so at least she can get points from his purchases. "He doesn't seem to care," Jen, who asked to withhold her last name to protect her privacy, said. "Everything he gets, I get paid back."She did recently have a small dispute over points at a dinner with two longtime friends. When the roughly $120 check came, Jen took out her card, as she always does, but noticed another friend did, too. She'd gotten a new card through work and wanted to rack up points for flights. They decided to split the bill in half so that both got their points. Their third, nonpoints friend sent them each a Zelle payment, getting no reward for her trouble. When I asked Jen how much she thought the haggling was worth, she said maybe a couple of bucks. But it all adds up, she insisted. "It's enough for me, over time, to where it matters," she said. "I'm not trying to be greedy."A small disagreement over credit-card points isn't going to end a relationship, but it is a situation where animosity can build up over time, especially if there isn't good up-front communication. The person constantly in debt to the person who puts everything on their card can start to feel like they're being taken advantage of, and the person trying to track everyone down to get paid back can get upset, too."It is more work to chase down all of the payments, and so I think you have to decide for yourself what is the value of the rewards that you're going to earn by putting this whole thing on your card? And is that worth the time and energy?" Emily Thompson, a credit-cards editor at The Points Guy, said. If you're trying to hit $8,000 in spend to get a welcome bonus, the answer might be yes. If you're earning a point per dollar, which is worth about $0.01 in many cases, you may want to stand down. Lending money is often fraught, and people are effectively doing this when they toss everything onto their credit cards. In a CreditCards.com survey, 59% of respondents who had lent money or paid for a group expense with the expectation of being paid back said they'd had something bad happen. Forty-two percent of lenders said they lost money because they weren't repaid, and 26% said their relationship with the borrower was damaged."People should tread carefully because it only takes one person stiffing you for it not to be worth it," Ted Rossman, senior industry analyst at Bankrate, said. "Are you OK taking the risk? Are you going to follow up? I find that there are very quick diminishing returns with this. If you don't get paid back quickly, you probably won't get paid back at all."Someone slightly miscalculating the tip or tax on the reimbursement might negate the rewards earned, not to mention if they miss the payment entirely. Eating a $50 loss in the name of $2.50 in rewards is not a worthwhile trade-off.Friendships come with so much more gray area compared with, say, business relationships. What may seem completely fine to someone — taking a couple of weeks to pay a friend back or asking a friend to pay the cash equivalent of points they used for a hotel booking — might seem completely out of line to someone else."There are more clear terms for business, for romantic partnerships. But in friendship, what's normal? What's not? What do I owe you? We don't know," Danielle Bayard Jackson, a friendship coach and educator, said. "We have a lot of these friendships that end prematurely or that get bogged down by a lot of resentment and confusion."Most people I talked to about this story had some sort of rewards-related anecdote with at least mild tension. One person said his friend group never has a problem with points hoarding … before name-checking one friend who goes too far. Another said she sees paying on her card at restaurants as a way to save servers the headache of trying to divvy up the bill, though that means she has to warn everyone that she's a big tipper and make sure they're on board. I recently booked a fight with a friend who remarked she'd gotten some $300 in travel credit from her rewards card. I briefly wondered whether she would offer to split the discount with me. (She didn't, and she was right.)"As much as calculating the value of the rewards that you can earn, you also have to calculate any potential negative impact on your relationship with the person," Thompson said. When she books trips for friends using her rewards, she comes up with a price that's still a "really good deal" for her friends, but it "isn't nothing," she said. That seems fair, though I'd be curious what her friends think. It's not just friendships that credit-card points can get in the middle of — but also romantic relationships. Matt (a pseudonym), from Alaska, got super into rewards a couple of years ago, watching endless YouTube videos and scouring financial-advice websites for tips. His wife was not so into it — she's the "kind of gal that's like, 'Just give me the stupid card if I use it if you want but don't expect me to have this rotating collection,'" he said. The issue came to a head when they planned a trip to Florida. Matt was procrastinating on booking, so his wife went ahead and did it without using the right card. He had her cancel everything so he could rebook with the card he wanted to use, but that wound up being a mistake — when he went to make the new reservation, prices had increased."We lost the rooms and things that she booked, and we ended up paying more. And for what? We got like 2% back on the whole deal," he said. "I should have just let her be right and be done with it."Matt has pretty much given up on the rewards game now; he uses a 2% cash-back card but doesn't pay much attention beyond that. All the hassle around it "got to be pretty stupid," he said, and the Florida drama was just "petty shit." He and his wife are now divorcing (but not over the points).Whether all this fuss over rewards is justifiable, relationally and financially, is context-dependent. Points maxing isn't low effort, and unless you're willing to spend a bunch of time figuring the system out, you're just wasting your and everyone else's energy in trying to hoard rewards. More importantly, if you are not paying off your credit-card bill at the end of every month and instead are carrying a balance, the rewards are not worth it."If you carry a balance, you shouldn't be chasing rewards. You should be focusing on paying your balance down," Schulz of LendingTree said. "You don't have to be an accountant to understand that paying 27% interest to get 2% cash back doesn't make a whole lot of sense."Credit-card rewards can be great, and they're definitely popular. Plopping down an <a target="_blank" href="https://www.businessinsider.com/american-express-platinum-card-gold-gen-z-millennial-rewards-2024-6">American Express Platinum Card feels fancy</a>, as do the perks that go along with it. But as with everything, there are trade-offs.On a macro level, the rewards aren't free. They're funded by <a target="_blank" href="https://www.businessinsider.com/stores-credit-card-companies-battle-fees-2018-9">swipe fees</a> paid by merchants that often get passed on to all consumers in the form of higher prices, regardless of how they pay, on top of interest payments and late fees. One recent Federal Reserve study found that this system led to a redistribution of $15 billion in wealth each year from the poor to the rich, the less educated to the more educated, and high-minority areas to low-minority areas.On a micro, more day-to-day level, rewards are a fun, little benefit that can become unfun fast. A local restaurant implements a 3% surcharge for credit cards to try to make up for swipe fees, and suddenly you find yourself vowing to never return even though the difference for you was $1.50. Or you see a friend on Instagram bragging about upgrading their flight and realize that's why they've been so insistent on putting brunches and happy hours on their card all year. Even though it doesn't really affect you, you feel a little cheated.Experts say if you're the points maxer trying to charge every group purchase, it's good to be up front about what you're doing. (As in, don't be like Pam's dad friend.) But if people don't want to go along, you might just need to accept that. Or realize that if they are going along, they may still think what you're doing sucks.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Credit card rewards are turning us into jerks

<ul class="summary-list"><li>21-year-old Skylar Griffin has four credit cards, including and AmEx Gold and Platinum.</li><li>She got her first credit card as a freshman to build up her credit score and kept a strict budget.</li></ul>This as-told-to essay is based on a transcribed conversation with Skylar Griffin, a 21-year-old college student in Georgia. Griffin financial claims have been verified with documentation. The following has been edited for length and clarity.When I was a child, my mom often shared financial advice. She told us never to cosign for someone's loan and don't buy anything unless we could buy it twice.On several occasions, she advised us kids never to get a credit card unless we were responsible enough to pay it off each month.She didn't want us to struggle financially like she did as a single parent.In high school, I started watching YouTube videos about finances. I saw financial struggles firsthand, and I didn't want to be in that position as an adult. The videos taught me I'd need to build up my credit score to buy a car or a house or if I might need a loan.<h2 id="102ef261-a63c-412a-8936-6e2d5bc894d4">I got my first credit card before going to college</h2>In July 2021, I was preparing to study business management at Columbus State University in the fall. Without my mom's knowledge, I ordered a Bank of America student card. It was a Visa card with no annual fees. My mom wasn't happy. I reassured her I'd done my research and could handle the responsibility.During college, I worked at a call center during the school year, paid internships in the summer, and received refund checks because my scholarship was more than school costs. I also earned a bit of money doing social media content.My first card had a limit of $500. I would buy little things here and there, making sure I had enough in my checking or savings account to pay it off each month. I'd marked all the due dates in my calendar, and I was never late for a credit card payment. There were temptations to buy new clothes or tech, but I always fought it.<h2 id="fc7cfef9-313f-436d-be60-a1a46519f707">Getting an AmEx for the travel points</h2>I kept using the Bank of America card throughout my freshman and sophomore years of college, but in April 2023, I decided to take out an Amex Gold card as well.I'd heard about travel credit cards through watching financial advice videos online. If I used this card for buying groceries or dining out, my two main expenses in college, I would get four times the points to use on travel. Although I wasn't traveling much, I planned to travel. At the time, the card had a $250 annual fee, which was worth it for the points I felt.I only used my card for things I needed or had saved for. I never bought things just to earn points.In March 2024, I took a big leap and opened an Amex Platinum credit card. It comes with a high price tag — a $695 annual fee — but I thought the benefits outweighed the price. Because it was another Amex card, all of my points were added to the points earned from the Amex Gold.I only use this card for booking flights and hotels because this is what I get the highest points for. With the card, I get five times the points when booking flights and hotels, a $200 yearly airline credit, and a $200 yearly hotel credit.When I stay at Marriott or Hilton, I get 'high status' and often get my room upgraded. But my favourite perk is the CLEAR Plus membership which gets me through TSA quicker at the airport.I knew I was planning some big trips in 2024 to Japan and New York, and then a cruise to the Bahamas, so planned to make all my travel purchases on the Platinum. Since getting an Amex, I've been able to fly to Japan, New York, and Miami for free in 2024.With this card, I accessed airport lounges on the long trip to Japan and was part of the President's Circle with Hertz Car Rentals, so I was guaranteed a car upgrade when I rented a car to get around the country.<h2 id="ec2f29ef-d145-470e-972f-0e160d4e0cd5">I took out a fourth credit card so I could earn points for other purchases</h2>In June 2024, I decided to take out another Amex card — the Amex Blue Business Plus. This card means I can earn points paying for things like gas, that don't earn me points on my other cards.There's no annual fee, and I could only take it out because I'm considered a sole proprietor. I own a Mercari shop where I resell vintage clothes I find at flea markets.I only use my Bank of America card when Amex isn't accepted. I never use a debit card unless I'm pulling cash out of the bank.Even though I am confident and comfortable using credit cards, I still don't spend anything that isn't in my checking or savings account. I never base a purchase on the money that I'm expecting in my account, because you never know how finances could change.I put all my due dates in my calendar and aim to pay each of them off earlier than required. Sometimes, I feel the urge to overspend. But then I remember the interest rates on my cards, and I snap back to reality. Paying high interest because I can't afford to pay my bill in full is not worth the momentary satisfaction of shopping.In addition to all the benefits I've received when traveling, my credit cards helped me raise my credit score to 755.<h2 id="1abacec9-c073-4582-ac5e-15c3908118fc">I never stop learning about finance</h2>I think college students should consider getting a student credit card with no fee. They have low limits and can help start building a credit score. However, if you're impulsive or have poor spending habits, I wouldn't recommend it.My mom now says she's proud of how I manage my finances. I've always found personal finance interesting and the concepts easy to understand, but it takes dedication to stay on track financially. I never stop learning to make sure I'm doing what's best for my financial future.

I'm a college student who pays nearly $1,000 in annual fees for 4 credit cards. It's worth it for good credit and travel perks.

<ul class="summary-list"><li>Mark Cuban tore into Donald Trump's economic plans ahead of Trump's speech in the key state of Georgia.</li><li>The billionaire investor said Trump puts little thought into his proposals.</li></ul>Billionaire investor <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-trump-call-200-percent-tariffs-john-deere-insane-2024-9">Mark Cuban</a> on Tuesday teed off on Donald Trump's proposal to cap credit card interest rates at 10% and the former president's broader economic agenda."Next, in the 'what the hell is he thinking list?' is the 10% price cap on credit card interest rates," Cuban said during a press call hosted by Vice President Kamala Harris' campaign.Cuban, long a Trump antagonist, tore into the former president ahead of Trump's scheduled economic address in Savannah, Georgia, later Tuesday afternoon. Cuban previously <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-sees-new-democratic-party-under-kamala-harris-2024-8">endorsed Harris' candidacy</a> and has discussed ideas with her policy team."They have a whole policy team. I know when I've had conversations with them, you know, it's always gone back to, let's talk to the policy team responsible for healthcare, responsible for venture capital, responsible for startups — whatever it may be — and I get back a serious, well-studied response," Cuban said. "That's the antithesis of what Donald Trump is doing. He says things off the top of his head that tend to be ridiculous, if not insane."During a rally last week in New York, Trump floated the idea of temporarily capping credit card interest rates at "around 10%." He would need Congress to pass such a law, but it fits within his campaign's broader outreach to working-class voters."While working Americans catch up, we're going to put a temporary cap on credit-card interest rates," Trump said on Sept. 18. "We can't let them make 25% and 30%."Cuban pointed out that Trump's plan exceeds that of Sen. Bernie Sanders, who in May 2019 proposed capping credit card interest rates at 15% in legislation he worked on with Rep. Alexandria Ocasio-Cortez of New York."I mean, literally, Bernie Sanders suggested a cap of only 15%. So now you've got Donald Trump getting involved in price caps and price controls to a greater extent than self-described socialist Bernie Sanders," Cuban said. "And I think that just says so much about how far Donald has gone to his socialist and communistic tendencies, right? I know it sounds funny and a little bit out of whack, but it's true."In response, Trump's campaign said Cuban "has no idea what he is talking about.""If he actually looked at her failed record as vice president and listened to what she says, he would know her policies will destroy our country and the American dream for hardworking families," Trump campaign communications director Steven Cheung said in a statement to Business Insider.While Trump's suggestion caught some conservatives off guard, Sen. Josh Hawley of Missouri, a Republican, proposed an 18% cap last fall. The Wall Street Journal editorial board, often considered the voice of establishment Republicans, panned the idea as "a price control on credit.""Why do Messrs. Trump and Sanders think it's helpful to limit credit access and send folks to the pawn broker or leg breaker instead? Card companies might respond by raising fees, which is what happened to free checking after Democrats regulated debit swipe charges in 2010," the board wrote.Experts have said <a target="_blank" class="" href="https://www.cnn.com/2024/09/24/business/trump-credit-card-cap/index.html">credit card companies</a> would likely respond to an interest cap by making it harder for some people to access credit."There's no question that with a 10% rate cap, card issuers would put the clamps down on credit while they figure out how to continue making money in this new normal," Matt Schulz, chief credit analyst at LendingTree, told CNN.Interest rates are extremely lucrative for credit card companies. A 2023 Consumer Financial Protection Bureau report found that in 2022 credit card companies charged Americans $105 billion in interest and more than $25 billion in fees.Trump's campaign defended his proposal, pointing out that credit card debt is at a record high. According to the New York Federal Reserve, Americans have $1.14 trillion in credit card debt. The interest rates Americans pay on that debt are also higher now than they were before the COVID-19 pandemic."Under Kamala Harris, credit card debt is at an all-time high as wages have not kept up with the pace of inflation," Trump campaign national press secretary Karoline Leavitt said in a statement. "That's why President Trump has promised to cap interest rates at 10% to provide temporary and immediate relief for hardworking Americans who are struggling to make ends meet and cannot afford hefty interest payments on top of the skyrocketing costs of mortgages, rent, groceries and gas."

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