“Once you get into the credit economy … you start getting exposed to hidden fees, penalties, identity theft, and it also induces overbuying,” says Ralph Nader.

Late card payments and minimum payments are at a record high, the Philadelphia Fed says. Seasonal and longer-term factors have led to the rise.

More than 60% of all purchases last year were made with a credit or debit card, according to the Federal Reserve. That’s up from 45% in 2016.

Consider convenience fees and interest before you change the way you pay your landlord. They could erase any credit card rewards.

An analysis from personal finance company WalletHub found consumers took on an additional $74 billlion in credit card debt in 2024.

“Firms are catching more shenanigans than they did in the past” because of AI, says Callum Borchers of the Wall Street Journal.

The proportion has doubled since last year. Amid constant advertising, more people have credit card balances and those balances are rising.

The New York Federal Reserve found that rejection rates for loan applications are higher than they were in 2023 for credit cards, auto loans, mortgages and refinances.

Consumer credit overall increased, while revolving debt — that’s mostly on credit cards — was down 1.2%, according to the Federal Reserve.

The amount includes money owed on things like credit cards, auto loans and student loans. Delinquencies are also rising.