Nick Wolney

But then when those ended and inflation reared its ugly head and came back around, it really caught people off guard and they're digging themselves deeper and deeper into debt in order to make ends meet.

But then when those ended and inflation reared its ugly head and came back around, it really caught people off guard and they're digging themselves deeper and deeper into debt in order to make ends meet.

But then when those ended and inflation reared its ugly head and came back around, it really caught people off guard and they're digging themselves deeper and deeper into debt in order to make ends meet.

I'm Nick Wolney, and I'm a managing editor at CNET and a finance journalist.

I'm Nick Wolney, and I'm a managing editor at CNET and a finance journalist.

I'm Nick Wolney, and I'm a managing editor at CNET and a finance journalist.

In Q1 of 2024, the Federal Reserve reported that the average credit card rate is 21.59%. This is a record high. We've been above 20% for a year. And for retail cards, Target, or you go to wherever it is, and I'm just trying to buy dish soap, and they're like, you know, do you want this card? Do you want the red card? You know, all those retail cards, those tend to have an average closer to 30%.

In Q1 of 2024, the Federal Reserve reported that the average credit card rate is 21.59%. This is a record high. We've been above 20% for a year. And for retail cards, Target, or you go to wherever it is, and I'm just trying to buy dish soap, and they're like, you know, do you want this card? Do you want the red card? You know, all those retail cards, those tend to have an average closer to 30%.

In Q1 of 2024, the Federal Reserve reported that the average credit card rate is 21.59%. This is a record high. We've been above 20% for a year. And for retail cards, Target, or you go to wherever it is, and I'm just trying to buy dish soap, and they're like, you know, do you want this card? Do you want the red card? You know, all those retail cards, those tend to have an average closer to 30%.

And so in the moment, if someone is cash strapped or particularly there tends to be something like sign-on bonus or perhaps a credit, an opportunity to save some extra money in the moment, a lot of people will fall prey to that and not realize that they have this 30% interest charge that is accruing on this. And they just have this lagging credit card debt that persists as a result.

And so in the moment, if someone is cash strapped or particularly there tends to be something like sign-on bonus or perhaps a credit, an opportunity to save some extra money in the moment, a lot of people will fall prey to that and not realize that they have this 30% interest charge that is accruing on this. And they just have this lagging credit card debt that persists as a result.

And so in the moment, if someone is cash strapped or particularly there tends to be something like sign-on bonus or perhaps a credit, an opportunity to save some extra money in the moment, a lot of people will fall prey to that and not realize that they have this 30% interest charge that is accruing on this. And they just have this lagging credit card debt that persists as a result.

I don't think so. When I interviewed a financial planner at Northwestern Mutual last year, she pointed out that her clients would regularly say, oh, I'm good. I'm making the minimum payment. I'm good. I'm paying my credit card. And she's like, no, that's the minimum payment. And these are the people who are probably more fiscally savvy if they've hired a financial advisor.

I don't think so. When I interviewed a financial planner at Northwestern Mutual last year, she pointed out that her clients would regularly say, oh, I'm good. I'm making the minimum payment. I'm good. I'm paying my credit card. And she's like, no, that's the minimum payment. And these are the people who are probably more fiscally savvy if they've hired a financial advisor.

I don't think so. When I interviewed a financial planner at Northwestern Mutual last year, she pointed out that her clients would regularly say, oh, I'm good. I'm making the minimum payment. I'm good. I'm paying my credit card. And she's like, no, that's the minimum payment. And these are the people who are probably more fiscally savvy if they've hired a financial advisor.

If you've hired a financial advisor at Northwestern Mutual, you're probably at least thinking about your money and about your expenses and things like that. And those people are saying, oh, I'm good. I'm making the minimum payment. I'm good. It's quite hard to visualize how much something actually costs when you're just making these very, very small payments.

If you've hired a financial advisor at Northwestern Mutual, you're probably at least thinking about your money and about your expenses and things like that. And those people are saying, oh, I'm good. I'm making the minimum payment. I'm good. It's quite hard to visualize how much something actually costs when you're just making these very, very small payments.

If you've hired a financial advisor at Northwestern Mutual, you're probably at least thinking about your money and about your expenses and things like that. And those people are saying, oh, I'm good. I'm making the minimum payment. I'm good. It's quite hard to visualize how much something actually costs when you're just making these very, very small payments.

And it's difficult for us, I think, to realize the total amount of interest and how much extra interest we would pay.

And it's difficult for us, I think, to realize the total amount of interest and how much extra interest we would pay.