this post was submitted on 09 Aug 2023
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Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York.

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[–] relative_iterator@sh.itjust.works 10 points 1 year ago (2 children)

I use my credit card for every purchase I make and get 1.5% cash back. I pay off my balance every month in full to avoid any interest. That 1.5% can add up pretty quickly and it’s basically free money.

[–] hellishharlot@programming.dev 2 points 1 year ago (1 children)

If you lose your job though that free money dries up lightning fast

[–] ProdigalFrog@slrpnk.net 2 points 1 year ago* (last edited 1 year ago)

It's free only if you have the ability to fully pay off your card every month, otherwise it is not free due to interest, yes.

[–] snooggums@kbin.social 0 points 1 year ago

And everything costs 5-10%% than it would without all the cash back and other rewards programs.