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Ask the Experts - James Swofford, Ph.D.

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Posted on September 27, 2024 by John S Kiernan

John S Kiernan

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James L. Swofford Ph.D.,
Department of Economics and Finance, University of South Alabama

 

 

Should everyone have at least one credit card?

I think so, but some people like to deal in cash only. I know one such person and he ended up giving me $100 to call and put it on his electric company account. There are times it is harder to pay in cash, but then again some people like to deal only in cash.

Has it become easier or harder to get a credit card in recent years?

Since some banks in at least some countries have attached political screening on accounts that did not exist before, it has to have become harder to get a credit card. You cannot have debanking going on without getting a credit card becoming harder.

Are credit cards safer now than before the Great Recession?

Safer can mean many things. I guess cards are easier to hack. Cards are easier to use. That might make them less safe for consumer budgeting. Cards might enhance personal safety as people carry less cash.

What tips do you have for someone who is applying for a credit card?

Look for the card that best fits your needs. The one that has the best price, interest rate and rewards combination that fits one's spending pattern.

Are consumers good at picking credit cards? What are the biggest pitfalls?

People generally know what is best for them. The pitfalls might be how high the interest rates can be.

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