{"id":2750,"date":"2024-06-12T12:44:58","date_gmt":"2024-06-12T06:44:58","guid":{"rendered":"https:\/\/save.financial\/?p=2750"},"modified":"2025-04-25T07:58:52","modified_gmt":"2025-04-25T01:58:52","slug":"85-percent-of-americans-cite-inflation-as-main-credit-card-problem","status":"publish","type":"post","link":"https:\/\/save.financial\/?p=2750","title":{"rendered":"Credit Card Problems: 85% of Americans Cite Inflation as Cause"},"content":{"rendered":"<p>\n\n\n<\/p>\n\n    <!-- Custom CSS for Quiz -->\n    <style type=\"text\/css\">\n\n    \/* Fixes *\/\n    #advq_quiz_1771 ul.advq_question_list {\n        padding:10px 0;\n        margin:0;\n    }\n\n    #advq_quiz_1771 {\n        font-family: ;\n        font-size: 1em;\n        line-height: 1.5em;\n        font-weight: 400;\n        font-style: ;\n    }\n\n    #advq_quiz_1771 .advq_button,\n    #advq_quiz_1771 .advq_validade_ck,\n    #advq_quiz_1771 .advq_next_button,\n    #advq_quiz_1771 .advq_start_quiz_button,\n    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*\/\n    #advq_quiz_1771 .advq_results_wrapper {\n        background-color: rgba(249,249,249,1);\n        color: rgba(0,0,0,1);\n        padding-top: 20px;\n        padding-right: 20px;\n        padding-bottom: 20px;\n        padding-left: 20px;\n        margin-top: 20px;\n        margin-right: 0;\n        margin-bottom: 0;\n        margin-left: 0;\n        border:1px solid #f5f5f5;\n    }\n    #advq_quiz_1771 .advq_review_answers {\n        padding-top: 20px;\n        padding-right: 20px;\n        padding-bottom: 20px;\n        padding-left: 20px;\n    }\n    \n    <\/style><div style='opacity:0' class='advq_quiz_wrap advq_minimal advq_hasprogbar' data-quiz-id='1771' id='advq_quiz_1771' data-qtype='padvisor' data-qlayout='minimal' data-unique-visitor='69dff2e1aa1e5' data-start-time='1776284385' data-options='{\"provide_result\":false,\"allow_change\":false,\"result_position\":\"inline\",\"one_page\":false,\"scroll_to_next\":true,\"progress_bar\":\"top_animate\",\"back_button\":false,\"list_mode\":false,\"relation\":\"AND\",\"answerstags\":true}'><div class=\"advq_progress_bar advq_progbar_top advq_progbar_top_animate\" >\n\t\t<div class=\"advq_progress\">\n\t\t<span class=\"progbar_current\"><\/span> \/ <span class=\"progbar_total\"><\/span>\n\t\t<\/div><\/div><div  data-mandatory=\"\" class=\"advq_question_container \" ><div class=\"advq_question_wrap\"><div class=\"advq_question\" data-question-id=\"question-6\" >Have you heard of any of the following government-backed mortgage programs\/changes?<\/div><div class=\"advq_subtitle\" data-question-id=\"question-6\" >Select all that you are familiar with.<\/div><ul data-priority=\"medium\" data-type=\"checkbox\" data-relation=\"AND\" class=\"advq_question_list\" data-question-id=\"question-6\"><li class=\"quiz_unselected_answer\"><input data-value='Home Possible Mortgage' data-rule='{}' id='question-6_0' name='question-6' type='checkbox' data-points='1'> <label for='question-6_0'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Home Possible Mortgage<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='The Homeowner Assistance Fund' data-rule='{}' id='question-6_1' name='question-6' type='checkbox' data-points='1'> <label for='question-6_1'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>The Homeowner Assistance Fund<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='FannieMae&#039;s Refi Now' data-rule='{}' id='question-6_2' name='question-6' type='checkbox' data-points='1'> <label for='question-6_2'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>FannieMae's Refi Now<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='Fannie\/Freddie Mortgage Deferment' data-rule='{}' id='question-6_3' name='question-6' type='checkbox' data-points='1'> <label for='question-6_3'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Fannie\/Freddie Mortgage Deferment<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='Loan Level Price Adjustments' data-rule='{}' id='question-6_4' name='question-6' type='checkbox' data-points='1'> <label for='question-6_4'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Loan Level Price Adjustments<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='No. I have NOT heard of any of these programs.' data-rule='{}' id='question-6_5' name='question-6' type='checkbox' data-points='1'> <label for='question-6_5'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>No. I have NOT heard of any of these programs.<\/label><\/li><\/ul><\/div><\/div><div  data-mandatory=\"\" class=\"advq_question_container \" ><div class=\"advq_question_wrap\"><div class=\"advq_question\" data-question-id=\"question-1\" >Are you a homeowner?<\/div><ul data-priority=\"medium\" data-type=\"radio\" data-relation=\"OR\" class=\"advq_question_list\" data-question-id=\"question-1\"><li class=\"quiz_unselected_answer\"><input data-value='Yes, I am a homeowner' data-rule='{}' id='question-1_0' name='question-1' type='radio' data-points='1'> <label for='question-1_0'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Yes, I am a homeowner<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='No, I am NOT a homeowner' data-rule='{}' id='question-1_1' name='question-1' type='radio' data-points='1'> <label for='question-1_1'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>No, I am NOT a homeowner<\/label><\/li><\/ul><\/div><\/div><div style='display:none;' data-mandatory=\"\" class=\"advq_question_container \" data-conditional='{\"question\":\"question-1\",\"operator\":\"in\",\"value\":[\"No, I am NOT a homeowner\"]}'><div class=\"advq_question_wrap\"><div class=\"advq_question\" data-question-id=\"question-7\" >Would you like to purchase a new home?<\/div><ul data-priority=\"medium\" data-type=\"radio\" data-relation=\"OR\" class=\"advq_question_list\" data-question-id=\"question-7\"><li class=\"quiz_unselected_answer\"><input data-value='Yes, I would like to purchase a new home' data-rule='{}' id='question-7_0' name='question-7' type='radio' data-points='1'> <label for='question-7_0'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Yes, I would like to purchase a new home<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='No, I would NOT like to purchase a new home' data-rule='{}' id='question-7_1' name='question-7' type='radio' data-points='1'> <label for='question-7_1'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>No, I would NOT like to purchase a new home<\/label><\/li><\/ul><\/div><\/div><div  data-mandatory=\"\" class=\"advq_question_container \" ><div class=\"advq_question_wrap\"><div class=\"advq_question\" data-question-id=\"question-4\" >What is your current estimated credit score?<\/div><ul data-priority=\"high\" data-type=\"radio\" data-relation=\"OR\" class=\"advq_question_list\" data-question-id=\"question-4\"><li class=\"quiz_unselected_answer\"><input data-value='Excellent' data-rule='{}' id='question-4_0' name='question-4' type='radio' data-points='1'> <label for='question-4_0'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Excellent<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='Good' data-rule='{}' id='question-4_1' name='question-4' type='radio' data-points='1'> <label for='question-4_1'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Good<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='Fair' data-rule='{}' id='question-4_2' name='question-4' type='radio' data-points='1'> <label for='question-4_2'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Fair<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='Poor' data-rule='{}' id='question-4_3' name='question-4' type='radio' data-points='1'> <label for='question-4_3'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Poor<\/label><\/li><\/ul><\/div><\/div><div  data-mandatory=\"\" class=\"advq_question_container \" ><div class=\"advq_question_wrap\"><div class=\"advq_question\" data-question-id=\"question-9\" >How much debt (not including mortgages) do you have?<\/div><div class=\"advq_subtitle\" data-question-id=\"question-9\" >Note: Yes, you can include medical bills and collections.<\/div><ul data-priority=\"high\" data-type=\"radio\" data-relation=\"OR\" class=\"advq_question_list\" data-question-id=\"question-9\"><li class=\"quiz_unselected_answer\"><input data-value='Over $10,000 in debt.' data-rule='{}' id='question-9_0' name='question-9' type='radio' data-points='1'> <label for='question-9_0'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Over $10,000 in debt.<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='Under $10,000 in debt.' data-rule='{}' id='question-9_1' name='question-9' type='radio' data-points='1'> <label for='question-9_1'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Under $10,000 in debt.<\/label><\/li><\/ul><\/div><\/div><div style='display:none;' data-mandatory=\"\" class=\"advq_question_container \" data-conditional='{\"question\":\"question-7\",\"operator\":\"in\",\"value\":[\"Yes, I would like to purchase a new home\"]}'><div class=\"advq_question_wrap\"><div class=\"advq_question\" data-question-id=\"question-10\" >Do you need or would you like downpayment assistance?<\/div><ul data-priority=\"medium\" data-type=\"radio\" data-relation=\"OR\" class=\"advq_question_list\" data-question-id=\"question-10\"><li class=\"quiz_unselected_answer\"><input data-value='Yes, I would like downpayment assistance.' data-rule='{}' id='question-10_0' name='question-10' type='radio' data-points='1'> <label for='question-10_0'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>Yes, I would like downpayment assistance.<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='No, I would NOT like downpayment assistance.' data-rule='{}' id='question-10_1' name='question-10' type='radio' data-points='1'> <label for='question-10_1'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>No, I would NOT like downpayment assistance.<\/label><\/li><\/ul><\/div><\/div><div  data-mandatory=\"\" class=\"advq_question_container \" ><div class=\"advq_question_wrap\"><div class=\"advq_question\" data-question-id=\"question-2\" >What is your #1 problem right now?<\/div><ul data-priority=\"high\" data-type=\"checkbox\" data-relation=\"AND\" class=\"advq_question_list\" data-question-id=\"question-2\"><li class=\"quiz_unselected_answer\"><input data-value='I need cash to pay my bills' data-rule='{}' id='question-2_0' name='question-2' type='checkbox' data-points='1'> <label for='question-2_0'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>I need cash to pay my bills<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='I want to upgrade or fix my home but I don&#039;t have the money' data-rule='{}' id='question-2_1' name='question-2' type='checkbox' data-points='1'> <label for='question-2_1'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>I want to upgrade or fix my home but I don't have the money<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='I want to tap into my equity but I cannot' data-rule='{}' id='question-2_2' name='question-2' type='checkbox' data-points='1'> <label for='question-2_2'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>I want to tap into my equity but I cannot<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='I have overwhelming credit card debt' data-rule='{}' id='question-2_3' name='question-2' type='checkbox' data-points='1'> <label for='question-2_3'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>I have overwhelming credit card debt<\/label><\/li><li class=\"quiz_unselected_answer\"><input data-value='I need to fix my credit' data-rule='{}' id='question-2_4' name='question-2' type='checkbox' data-points='1'> <label for='question-2_4'><span class=\"advq_a_input\"><i class=\"fa fa-square-o\" aria-hidden=\"true\"><\/i><\/span>I need to fix my credit<\/label><\/li><\/ul><\/div><\/div><div class=\"advq_before_results\"><div class=\"advq_askinfo_label\">Where should we send the details on the programs?<\/div><div class=\"advq_askinfo_1\"><div class=\"advq_askinfo_1_label\">Name<\/div><input type=\"text\" name=\"advq_askinfo_1_field\"><\/div><div class=\"advq_askinfo_2\"><div class=\"advq_askinfo_2_label\">Phone Number<\/div><input type=\"text\" name=\"advq_askinfo_2_field\"><\/div><div class=\"advq_askemail\"><div class=\"advq_askemail_label\">Email Address<\/div><input type=\"email\" name=\"advq_email_field\"><\/div><div class=\"advq_askemailcheckbox\"><label><input name=\"advq_confirmemail\" type=\"checkbox\" data-mandatory=\"1\"> I agree to the <a href=\"\/terms\">Terms & Conditions<\/a> and <a href=\"\/privacy\">Privacy Policy<\/a>.<\/label><\/div><div class=\"advq_checkanswers advq_hasemail advq_hascheckbox\">\n\t\t<div class=\"advq_button\">SHOW ME ALL OF MY OPTIONS<\/div>\n        <div class=\"advq_warning\"><\/div>\n\t<\/div><\/div><div class=\"advq_results_wrapper\"><div style=\"display:none;\" class=\"advq_results_title\">Your Result:<\/div><div style=\"display:none;\" class=\"advq_no_results\"><div class=\"advq_no_results_title\">Sorry, no savings options found.<\/div>Please repeat the quiz and try different answer combinations.<\/div><div class=\"advq_advisor_results_container\" style=\"display:none;\"><div class=\"advq_advisor_results\"><\/div>\n                <div class=\"advq-restart\">\n                    <a href=\"\/index.php?rest_route=%2Fwp%2Fv2%2Fposts%2F2750\" title=\"Retake Quiz\"><i class=\"fa fa-refresh\" aria-hidden=\"true\"><\/i> <span>Retake Quiz<\/span><\/a>\n                <\/div><\/div><\/div><!-- Closing div for results --><!-- Custom Styles for Quiz -->\n\t\t<style type=\"text\/css\">\n\t\t#advq_quiz_1684 .advq_start_quiz_content_wrap {\r\npadding: 25px; }\r\n\r\n#advq_quiz_1684 .advq_button:hover, #advq_quiz_1684 .advq_validade_ck:hover, #advq_quiz_1684 .advq_next_button:hover, #advq_quiz_1684 .advq_start_quiz_button:hover, #advq_quiz_1684 .advq-restart:hover, #advq_quiz_1684 .advq-restart a:hover {\r\n                                            color: #FFFFFF;\r\n                                            background-color: #09B5E1;\r\n}\r\n\r\n#advq_quiz_1684 .advq_button, #advq_quiz_1684 .advq_validade_ck, #advq_quiz_1684 .advq_next_button, #advq_quiz_1684 .advq_start_quiz_button, #advq_quiz_1684 .advq-restart, #advq_quiz_1684 .advq-restart a {\r\n                                            color: #FFFFFF;\r\n                                            background-color: #096AE1;\r\n                                            font-family:;\r\n}\n\t\t<\/style><\/div><!-- Closing div for quiz -->\n<p>In response to this growing debt, legislative actions have been set in motion. The House Financial Services Committee recently approved a measure aimed at blocking the Consumer Financial Protection Bureau (CFPB) from capping credit card late fees at $8. This decision, driven by a 28-22 party-line vote, is part of a broader legislative push under the Congressional Review Act. While the Democratic-controlled Senate is unlikely to pass this measure, the debate highlights the ongoing tension between regulatory bodies and legislative actions regarding consumer protections.<\/p>\n<p>\n\n\n\n<\/p>\n<p>Consumer behavior regarding credit cards and <a href=\"https:\/\/save.financial\/debt\/personal-loan\/todays-personal-loan-interest-rates-september-13-2023-discover-rates-starting-at-4-60\/\">personal loans<\/a> is also changing. A survey by <a href=\"https:\/\/www.fool.com\/the-ascent\/credit-cards\/credit-card-ratings-methodology\/\" target=\"_blank\" rel=\"noopener\">The Motley Fool Ascent shows<\/a> that Americans prioritize credit card rewards and features over the trustworthiness of the issuer. Cash back credit cards have emerged as the most popular choice, with Capital One being the leading issuer. The survey further reveals generational differences: Gen Z favors credit cards with attractive sign-up bonuses, whereas baby boomers prefer store-specific credit cards.<\/p>\n<p>\n\n\n\n<\/p>\n<p>The influence of social media and Buy Now, Pay Later (BNPL) apps on spending habits is particularly noticeable among younger generations. Gen Z, the first age group to grow up with social media, feels significant pressure to spend money to keep up with peers. According to Lending Tree, 62% of Gen Z-ers feel this pressure compared to the national average of 32%. Credit Karma data shows that Gen Z\u2019s credit card debt is more than double that of millennials. Bankrate\u2019s survey indicates that 48% of social media users made impulsive purchases based on online advertisements, with Gen Z leading at 60%.<\/p>\n<p>\n\n\n\n<\/p>\n<p>Gift card scams continue to plague consumers, leading to substantial financial losses. Scammers exploit gift cards by capturing their bar codes and other details, draining the funds before legitimate buyers can use them. The Federal Trade Commission (FTC) reported that in 2023, gift card fraud accounted for $217 million of the $10 billion lost to scams nationwide. In response, state attorneys general and legislatures are issuing consumer alerts, making arrests, and requiring warning signs on store displays. However, retailers and gift card manufacturers argue that these measures are overly restrictive and could negatively impact small businesses.<\/p>\n<p>\n\n\n\n<\/p>\n<p>The introduction of the Klarna credit card in the United States marks a significant expansion for the Swedish fintech company. Competing with Apple and Affirm, Klarna\u2019s card offers no annual fee or foreign transaction fees and provides up to 10% cash back on select merchants. Integrated with Klarna\u2019s AI assistant, the card helps users find deals on planned purchases and is compatible with Google and Apple Pay.<\/p>\n<p>\n\n\n\n<\/p>\n<p>As credit card benefits evolve, major issuers like Citi and Chase are updating their offerings. Starting October 1, 2024, both companies will cover the increased Global Entry fees for premium cardholders. This change follows a decision by U.S. Customs and Border Protection to raise Global Entry fees by 20%, from $100 to $120. Global Entry facilitates quicker re-entry to the U.S. for pre-approved travelers, and both Citi and Chase offer fee subsidies for some clients.<\/p>\n<p>\n\n\n\n<\/p>\n<p>Digital wallets are transforming the way consumers make payments, particularly in the UK. Despite their introduction in 1997, digital wallets have only recently gained widespread popularity. Advances in biometric authentication, such as fingerprint and facial recognition, have enhanced security, while near-field communication (NFC) technology has enabled contactless payments via smartphones. This convergence of technologies has led to the increased adoption of digital wallets for both personal and business transactions.<\/p>\n<p>\n\n\n\n<\/p>\n<p>Mastercard\u2019s move to incorporate commercial cards into digital wallets exemplifies the industry\u2019s shift towards digital platforms for business payments and expense management. The company\u2019s new mobile virtual card app leverages robust tokenization technology to offer enhanced data security and spend control features. This initiative addresses the evolving payment preferences of younger demographics and the changing landscape of business travel and expense management due to remote working trends.<\/p>\n<p>\n\n\n\n<\/p>\n<p>Robinhood, known for its user-friendly investment platform, has ventured into the credit card market with the launch of the Robinhood Gold Card. This new offering provides unlimited 3% cash back on every purchase and includes travel and purchase protections. To be eligible, users must subscribe to Robinhood Gold, which costs $5 per month or $50 per year.<\/p>\n<p>\n\n\n\n<\/p>\n<p>The security of mobile banking apps is a critical concern for consumers. These apps incorporate various security features, such as biometric authentication and multi-factor authentication, to protect user information. Biometric authentication uses physical characteristics like fingerprints or facial recognition to restrict account access, while multi-factor authentication adds an extra layer of security by requiring a second form of identification. Additionally, many banks employ end-to-end encryption to safeguard data during transmission.<\/p>\n<p>\n\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>In response to this growing debt, legislative actions have been set in motion. The&hellip;<\/p>\n","protected":false},"author":163,"featured_media":2752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[95],"tags":[],"class_list":["post-2750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-consolidation"],"_links":{"self":[{"href":"https:\/\/save.financial\/index.php?rest_route=\/wp\/v2\/posts\/2750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/save.financial\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/save.financial\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/save.financial\/index.php?rest_route=\/wp\/v2\/users\/163"}],"replies":[{"embeddable":true,"href":"https:\/\/save.financial\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2750"}],"version-history":[{"count":2,"href":"https:\/\/save.financial\/index.php?rest_route=\/wp\/v2\/posts\/2750\/revisions"}],"predecessor-version":[{"id":2968,"href":"https:\/\/save.financial\/index.php?rest_route=\/wp\/v2\/posts\/2750\/revisions\/2968"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/save.financial\/index.php?rest_route=\/wp\/v2\/media\/2752"}],"wp:attachment":[{"href":"https:\/\/save.financial\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/save.financial\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/save.financial\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}