Hollywood’s poster child, who could once afford to slap down $2.5 million on Marilyn Monroe’s old apartment, is now steeped in credit card debt to the tune of, no pun intended, a breath-taking $600,000.
Despite the new credit card protections, consumers with outstanding credit card debt may well be set for a considerable upward climb in interest rates, even on existing balances.
Consumer credit dropped by a total of $11.5 billion in February, the biggest tumble since the record $17.5 billion drop in November, according to the Fed.
Rewards credit cards are at the forefront of the new generation of credit card offers. However, look before you leap. While card issuers have sweetened rewards, they have also put in place new tricks and traps.
The golden age of easy credit, which Americans have enjoyed for the past several decades, is drawing to an end. According to economist, interest rates on mortgages, credit cards and other types of consumer loans are set to go higher.
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