Record Card Debt and Timeshare Implications: A Financial Warning

Americans are accumulating record credit card debt, with balances reaching $1.08 trillion in the third quarter, the largest yearly increase since 1999. Rising prices and inflation are causing many Americans to struggle with credit card debt, with over half of Americans currently having credit card debt and owing an average of $5,875. As a result, consumers are turning to alternative payment methods such as buy now pay later (BNPL) and digital wallets, with digital wallets being the most popular choice. However, there are concerns about the potential debt traps associated with BNPL options. Additionally, cross-border payment issues are burdening consumers and small businesses. In the midst of this, American Express cardholders may be eligible for an Amazon promotion, and Affirm expects increased demand for its short-term consumer loans if interest rates remain high. Finally, Citi has launched a $200 cash back welcome bonus on its Citi Double Cash Card, and using a home equity loan to pay off credit card debt can offer cost savings.