Credit card do's & don'ts for the holiday season
Retailers are increasingly raising Annual Percentage Rate (APR) rates even as the Federal Reserve lowers interest rates. Major retailers, including Big Lots (BIGGQ), Gap (GAP), Nordstrom (JWN), and Lowe's (LOW), now offer credit cards with APRs exceeding 30%. "Life & Debt" Author and Tayne Law Attorney Leslie Tayne joins Wealth! to provide guidance on managing credit cards during the holiday season. She advises consumers to carefully examine their spending habits and critically assess where their money is most effectively utilized across different cards. She urges consumers to thoroughly evaluate whether a new credit card aligns with their personal spending patterns before applying. Critically, she recommends individuals review their credit standing, recognizing that opening new cards directly impacts credit scores. "If you have a great credit score, you are likely to get more offers at better rates," Tayne explains. Tayne suggests maintaining a limited number of credit cards. "Ideally, you don't really want to exceed between maybe 2-4 cards," she tells Yahoo Finance, advising consumers that "just because they're offering you what seems like a good deal, doesn't necessarily mean it's best for your financial habits and your financial future." To watch more expert insights and analysis on the latest market action, check out more Wealth here. This post was written by Angel Smith
