"If you're offered one at the checkout counter, most of the time it makes sense to say no," said Ted Rossman, senior industry analyst at Bankrate. This highlights the common impulse to accept store credit cards but suggests exercising caution.
According to the Federal Reserve, outstanding credit card balances reached $1.14 trillion as of August 2024, meaning credit card debt is increasingly a concern for millions of Americans.
Store credit cards are usually offered at checkout, and they provide shoppers with a line of credit that incentivizes spending more on the store's products. If not managed correctly, these credit cards can negatively impact your credit history.
"Ask for something with all the details in writing that you can take with you and review for a later time," advises Bruce McClary from the National Foundation for Credit Counseling, indicating the importance of informed decisions.
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