Consumers increase credit card usage amid inflation

ByJason Knowles and Ann Pistone WLS logo
Saturday, July 2, 2022
Consumers increase credit card usage amid inflation
Expert tips on things to look out for when using a credit card this 4th of July weekend.

Here's a quick inflation tip as you use your credit cards this holiday weekend.

According to a recent study by Nerd Wallet, 43% of credit card holders don't know the interest rate on their cards.

As inflation continues to drive up the cost of living, more people are turning to credit cards to cope, but many consumers admit they don't know their interest rates and lack important credit card knowledge.

Credit Card Tips

  • Learn more about your credit card: The more knowledgeable you are about the interest rate the better! Many cards with reward programs have a higher interest rate, so if you aren't paying off the balance every month you may want to reevaluate whether or not you want that card anymore. Are you using the rewards and points?
  • Contact your credit card issuer for help: Credit card holders can get in touch with their issuer and ask about lower interest rates, they can also ask about hardship programs if suffering a financial strain
  • Don't forget to create a strategy for paying off debt: It's recommended to pay as much as you can off every month. Pay off the card with the highest interest rate first.