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Anya Kamenetz Generation Debt

Anya Kamenetz, Generation Debt

Get Smart About Credit Cards -- Now

by Anya Kamenetz

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Posted on Tuesday, December 18, 2007, 12:00AM

Did you know that the global economy could hinge on your maxed-out MasterCard?

As we hit the height of the holiday season, 'tis the time to shop. And consumer spending as a whole drives about 70 percent of the U.S. economy. But that engine is threatening to stall out.

For those of you who haven't been reading the business pages, here's a recap: U.S. housing prices, after rising like mad for nearly a decade, have gone into a slump. In turn, the value of mortgage-backed securities, a financial innovation that traded intensely during the housing boom, has been called into question.

Now, world financial markets are hitting a bigger credit crunch. Businesses and banks are having trouble borrowing the money they need to grow, because the banks and investors they borrowed from are not confident they will be paid back.

That same "liquidity squeeze" may bedevil the American shopper, too. Real median income has not gone up since 1999, but between 1995 and 2005, Americans borrowed and spent more and more money each year against the value of their homes -- up to an astonishing $1.4 trillion in 2005.

Often, they spent and borrowed on credit cards, and then got a home-equity loan or line of credit to pay off the plastic. Now that well is running dry as home prices fall. So as national banks are hitting a credit squeeze, Americans' ability to consistently increase spending -- regardless of income -- is in danger of being cut off.

Why should you, a young person who most likely has no mortgage, give a fig? Because this is an excellent time to stop overspending on your credit cards. Young people have a once-in-a-lifetime chance to do better than our elders when it comes to debt, if we just open our eyes and learn from what's going on now. 

On Dec. 4, Senator Carl Levin (D-MI) held the second in a series of subcommittee hearings on questionable credit card industry practices. The hearing contained vital information that anyone with credit cards should be aware of. After reading this column, I hope you'll be motivated to pay off your cards -- and keep them paid off.

The Mystery Number

Do you know the score? Credit card interest rates are based on your FICO score. A good FICO score is one that is above 700. But it's hard to know in advance how specific actions will impact your FICO score.

For example, let's say you open a couple of department store cards. If you had very little credit before and you don't charge too much on the cards, the new accounts could raise your score. If you had lots of credit already, the new accounts could lower your score. Or if you spend close to the limit -- without going over -- on any one of your cards, your FICO score could drop and the interest rate on all of your cards could change. 

Remember, if you're young, you have a shorter credit history, so any one action could have an outsized impact on your credit score.

Interest Rates: Gotcha!

Credit card companies can increase your interest rates, termed APR (Annual Percentage Rate), whenever you make a mistake or fall behind on a payment -- from your student loans to your car. This process, called universal default, is often automated, arbitrary, and opaque.

Levin's hearing presented the records of a Michigan nurse named Janet Hard. Ms. Hard had always paid her Discover card bills on time, never exceeded her credit limit, and always paid at least the minimum amount due. In 2006, out of the blue, Discover increased the interest rate on her card from 18 percent to 24 percent. When Senate investigators looked at her credit history, they could find only one possible reason -- a single late payment on a JC Penney account.

This is my favorite one: Credit card companies can also increase interest rates on cards that they determine are "below market." Capital One, for example, doesn't use universal default. Instead, they go through their accounts and automatically raise rates if they have been fixed for a couple of years. Oops, we were giving you a good deal -- sorry about that!

Interest rate increases can be retroactive. They apply to balances you already carry. You also pay interest on fees and penalties that are added to your account. If your interest rate goes up but you continue making the same monthly payment, the amount that actually goes to reduce the debt shrinks into insignificance. In the Janet Hard example, she paid $200 a month -- $2,400 in a year -- on an $8,300 debt. But only $350 of that $2,400 actually reduced the debt.

Get on that treadmill and you'll be a grandma (or grandpa) before you get off.

Cold-Case Files

Credit card companies can raise your interest rates on cards that have been closed for years. The hearing covered the case of one retiree who had an account that he was paying off faithfully every month and making no new charges on. But his interest rate was automatically hiked from 15 percent to 27 percent because his FICO score had dropped.

Here are some more not-so-fun facts about credit card industry practices:

You're Late!

Credit card companies can require payments to arrive between 10 a.m. and noon on the day they're due. Or they can change your due date. In the fine print of their standard agreements, most credit card companies reserve the right to change terms like these at "any time for any reason," although some companies have done away with that practice.

The Phantom Fee

According to a March NPR interview with Elizabeth Warren, a Harvard Law professor and expert on credit cards, one company apparently charged a $75 fee to all customers. For anyone who was alert enough to call and complain, the fee was removed. But there were likely many customers who did not realize the fee was assessed -- and thus were $75 poorer without even knowing it. 

With all of this said, credit cards are a reality for most of us. They can provide convenience, are a good backup for emergencies, and are one important way to build a good credit score, if used correctly. So how should financial novices handle credit cards in a world where all bets are off?

1.) Shop around for a card. You want a card with a 15 percent APR or less, no annual fees, and no universal default. Watch out for low teaser rates that go up to 20 percent after 90 days.

2.) Pay your bills online. Ideally, you'll set it up to pay off the entire balance a few days before the due date, to avoid getting hit with sneaky late fees. Short of that, pay well over the minimum payment when you can. But...

3.) Don't just pay the same amount each month automatically. If your APR goes up, the amount you owe may be retroactively increased. Here come the over-the-limit fees, late fees, penalties, and interest rate increases. So you must...

4.) Check your statements carefully every month, especially your interest rate, penalties, and fees.

5.) Get your credit report a few times a year. You need to check your FICO score to determine how lenders see you as a risk and whether your interest rates are in danger of increasing. Here's how to read your credit report.

6.) Negotiate your interest rates and fees with credit card companies. If you see an increase, call them up and ask for a better rate. You can get leverage by threatening to close your account and switch to a new card.

Find more credit card tips here and here.  

It takes time to pay off debt, and I know it's not easy, especially when it comes to expenses such as housing and health care. But you can avoid all finance charges and hassles by gradually paying down your cards and limiting your use of the almighty plastic.

You have a choice about whether or not you will be at the mercy of the credit card companies.

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  • Amy - Saturday, December 22, 2007, 3:46PM ET  Report Abuse

    • Overall: 5/5

    To those of you who gave this article negative reviews saying that this info has already been written over and over again: why are you even reading this article? Since you are such an expert in financial advice, why even waste your time by reading these articles? Give me a break! Better yet, get off your high horse! Anya gives this advice because the majority of us do not follow these concepts. Let's follow this scenerio: you get a credit card and you pay it off every month. Let's say, like one writer wrote, you get $400 cash back for that year simply by using their credit card, following the terms to a T, and paying no interest. Here are the risks involved: 1.) You buy more stuff you don't need simply because you have the card. Try spending cash, it hurts when you spend your money, so you spend less. You probably could save what you earned in cashback bonus for that year ($400) if you just used cash instead of a credit card. And to those with their noses in the air "I only spend what I need and I don't buy things I don't need because I'm the only person in the planet that can control my spending" is fooling themselves. WE ALL HAVE OF DONE THIS!! You're lying to yourself, and you know it! 2.) You're playing with snakes when you do this. And, eventually you will get bitten. It always happens, some learn their lesson and give up credit cards, some move on over to another credit card. But, it always happens. Why? Because none of us are perfect! We've all made financial mistakes at one time or another, even the ones who are the "experts." And, one day, you will slip up, and your credit card company will be ready to pounce when you do. IT HAPPENS EVERYTIME, SO DON'T THINK THAT IT COULD HAPPEN TO YOU!!And, I know "I pay off mine every month, and I earn free money for doing so, so I'm beating them at their game" excuse is a poor one. The credit card industry has the power to raise your interest rate at any time for ANY REASON! And, the can charge bogus fees for ANY REASON as well. Not to mention that they change their rules constantly for their benefit. All of this stress for a lousy $400??? Try taking some money out of your paycheck and put it into a good mutual fund that has a great track record. That way, you can earn your "free money" without the stress! How about investing your money instead of playing the credit card game??!! That way, you earn a return on your investment, without the stress and worry about when you need to pay your credit card off each month!!

  • Yahoo! Finance User - Saturday, December 22, 2007, 8:27AM ET  Report Abuse

    • Overall: 4/5

    Beware Capital One! They are masters of the "gotcha' " technique. Chase is also very bad about quoting one rate on the phone, then denying that and billing a higher rate and transaction fee after you have already written a balance transfer check. Always check your initial bill for errors.

  • Yahoo! Finance User - Saturday, December 22, 2007, 4:52AM ET  Report Abuse

    • Overall: 1/5

    The Capital One information in this article is false and shows a complete lack of understanding of the company's practices on the author's part. Makes me wonder how much more of the information contained here is also false and/or grossly exaggerated.

  • Yahoo! Finance User - Saturday, December 22, 2007, 4:35AM ET  Report Abuse

    • Overall: 5/5

    I can't believe the tactics of credit card companies! Imagine taking out a mortgage, and having the rate gaily change after the fact!!! At their discretion. Without warning. I'll bet the rate never goes down! Add in the fact that even regular non-criminal types are getting in to the identity theft business. The better the chances that your info will be stolen and you will be a ID theft victim increase the more: - you just use your credit card - apply for credit cards - have your credit card info in a store's database just because you shopped there (ie. Target) My policies. Be a cash man, and debt free. My only debt is my mortgage. I've never been seriously in debt, even though I was seriously poor for a number of years. This requires earning more, living within your means, and saving money for the lean times. I avoid credit cards altogether. I only have debit cards from Visa. (Yes, less secure, but no fees.) Only use a debit/credit card if, and only if, there is no other option to pay. Unfortunately, this is becoming more and more difficult. Ignore loyalty programs such as air miles. Just give me a low price! For security, frequently cancel your cards, and get a new number. It's really odd that no one ever suggests that. Try using a card that has been cancelled. Use a very small local financial institution, and get to know everyone so well that they know you by voice. No one can drain your bank account then. At least not over the phone, or in person. And on your computer, use a router, and the Zone alarm suite, set on high security to prevent hacks.

  • Yahoo! Finance User - Saturday, December 22, 2007, 1:35AM ET  Report Abuse

    • Overall: 4/5

    We only use credit cards that provide cash back on all purchases, and we pay them off in full every month with a draft on our MMF account. This way, our money earns the best possible interest until the payment clears. We've been using the bank's money for decades now, and getting back at least a few hundred dollars a year in the bargain. Don't go into debt for anything that depreciates. At the very least, don't go into unsecured debt. If you ever must go into debt due to an emergency or extraordinary circumstances (an emergency involves hospitalization or something of that nature, extraordinary circumstances include moving to a new city after a promotion . . . they do not include wanting a bigger T.V.), put that debt on a separate credit card from the one you usually use, and pay it off within 90 days. I've followed these rules my whole life, and it has worked. It's not as hard as you think! Don't let them hook you. The most important mindset to have about credit is this: Cash is anonymous, but when you buy anything on credit, you sign YOUR GOOD NAME to that purchase. Is some trendy consumer junk really worth a blemish on your good name? See, you don't even have to think to answer that question.

  • Yahoo! Finance User - Friday, December 21, 2007, 7:25PM ET  Report Abuse

    • Overall: 3/5

    Good solid information, although I knew all of it already.

  • Larry - Thursday, December 20, 2007, 8:08PM ET  Report Abuse

    • Overall: 5/5

    Excellent information for those not in the know.

  • Yahoo! Finance User - Thursday, December 20, 2007, 7:57PM ET  Report Abuse

    • Overall: 2/5

    Just stop using credit! Then you don’t have to worry about any of this. Why borrow from an industry that you already know is trying to trick you? The credit industry has created a whole new scam to get $30 more per person each year, it is checking your credit score that you have no control over. They are brilliant. Selling more fear. Get disciplined use cash or a debit card, and not money you don’t have. IF you don’t have any equity borrow all you can, put it in a retirement account, disconnect the phone, and file chapter 7. You will be much happier not worrying about credit.

  • Yahoo! Finance User - Thursday, December 20, 2007, 5:18PM ET  Report Abuse

    • Overall: 1/5

    Do you people comprehend finance at all? Stop whining about credit card companies, loans, interest rates and fees, and start UNDERSTANDING how each product works. Do your homework, stop meandering and complaining, and maybe think for yourselves about your particular situation. To the guy that said "be free/get out of debt/think for yourself," what kool-aid did you drink? By making a statement like that you immediately contradict yourself by begging everyone to follow suit. Everyone's personal financial situation is different, so each individual (or family) should sit down and analyze financial topics such as: cash flow (by the way credit cards are a great way to maximize that, the money stays in your account longer giving you higher average balances while earining more interest), assets and liabilities (a balance sheet, what a novel concept), and finally income and expenses (what you have coming in versus what you have going out). What is really wrong with our society is that no one is willing to be held accountable.

  • Yahoo! Finance User - Thursday, December 20, 2007, 4:44PM ET  Report Abuse

    • Overall: 3/5

    Good start. More canbe said though for people who already know the basics. Credit cards are a game, at least for issuers. They want your money, as interest or fees. For that, they offer you intro rates, balance transfers, cash back and such. They play this game expecting to win, against people who don't know the rules very well. If you do know the, you can turn the game in your favor. One helpful thing for that is another credit line, such as, home equity where you have enough credit to borrow at any time. It allows you to pay off any balances on credit cards so you don't pay interest there. What you can do is sign up for a few 0% APR intro rates, transfer balances for a year or so (there are always offers like this around). You borrow money for free and repay at the end before interest kicks in. Issuers don't expect many people to repay so they let you have these intro offers. Next year you do it again. Move enough money this way and you save thousands in interest per year. Better yet, all interest you do pay is on you home equity and it is tax-deductible. There is one caution - you need to have dicsipline. No missed payments or such, get you record keeping in order right away. And always leave some space on your HELOC to repay the cards, or else you lose. And in additon sign up for a good rewards card - there are no fee cash back cards out there. This one you can use for everyday spending. Pay it off on time and the company pays interest to you! Most people with decent credit and some brains can do it.

  • Yahoo! Finance User - Thursday, December 20, 2007, 12:30AM ET  Report Abuse

    • Overall: 4/5

    First off for all those that say debt is bad, you have no idea what you are talking about. Without debt you would not have a home for 30 years, without debt our entire economy comes to a halt. Credit cards are a tool, a form of leverage if you will. When used properly Credit Cards can enable you to live above your means. They can actually keep you out of debt, enable you to avoid late fees, and avoid missed payments on other accounts. They also give you a needed credit cushion for the bad things that happen in life without having to beg, borrow, and steal to get the funds. The people who say don't get a credit card, don't go into debt are too stupid, lack willpower or too lazy to use a credit card right. The article is a good first step to trying to explain the pitfalls of credit cards. Avoid the pitfalls and credit cards are one of the greatest financial tools invented. Add in a rewards program and low teaser rates and it's like printing money. The poor and lower middle class are the ones in the biggest need of credit cards. They are the ones that get hit with the "check cashing fees", the late payments, the reconnection fees, the "rent a center " fees, the subprime fees etc. Sadly those that would benefit the most form credit cards are usally those that are the least educated to the pitfalls of this great tool and are therefore the ones that get in the most trouble. Being poor is more a matter of a lack of education than anything else. The subprime mess teaches that. Those too stupid, lazy or lacking willpower to read the fine print, ask the right questions, and not sign something they did not fully understand got taken to the cleaners by evil greedy players. Those that understood ARM's where able to get a bigger house at a lower price than the avg joe. Ramsey's show is like so many of our "educators" today. They teach to the level of the stupidest among us. Our schools do it, our government does it, and our media does it. Every human is able to understand complex problems. It is what seperates us from the rest of life on earth. Credit cards are complex. Great care and effort must go into making them work for you instead of against you. Don't blame the credit card companies. 90% of people would do the same thing as the credit card companies if they could get away with it. Take responsibility for you own lack of education, will power or motivation and learn the rules of the game before you start playing with credit.

  • gwenb - Wednesday, December 19, 2007, 11:34PM ET  Report Abuse

    • Overall: 4/5

    Good article. Anya Kamenetz looks so fine...

  • BrianS - Wednesday, December 19, 2007, 10:25PM ET  Report Abuse

    • Overall: 1/5

    There exists a systemic risk of solvency in the global economy. Something wicked this way cometh, and the cause is not credit card debt. That debt is actually the result not the cause of the problem. Get to the root of the issue, or do you not know what the root is Anja?

  • Yahoo! Finance User - Wednesday, December 19, 2007, 9:19PM ET  Report Abuse

    • Overall: 5/5

    This article is informative. If a user can gather one but of information to become wiser to the predatory practices of credit cards then it has served its purpose. It is ok to repeat a theme or information repeatedly and hopefully one day it will be absorbed for the better of our great nation! If your so bored of the news make a change!!

  • Yahoo! Finance User - Wednesday, December 19, 2007, 9:05PM ET  Report Abuse

    • Overall: 1/5

    Can we have something new to read? The article is a recycled article with same comments, news and ideas available in previous artciles in Yahoo & Bankrate. Can we see some original new thoughts?

  • KBH04 - Wednesday, December 19, 2007, 9:03PM ET  Report Abuse

    • Overall: 3/5

    Good article geared at people that are already stuck in credit card debt. However, if one doesn't use credit cards, one won't ever have to worry about interest rates, or universal default, or any of the other BS tidbits that go along with them, which has been written about before. May everyone that gets out of the credit trap stay out for good.

  • Yahoo! Finance User - Wednesday, December 19, 2007, 9:01PM ET  Report Abuse

    • Overall: 5/5

    execellent article.Most young people have the deck stacked against them.They have to go to college to get a job that pays the same or less than their parents or grandparents did when they got out of high school.Jobs are scarcer and health insurance premimums have skyrocketed.Gas is higher and so are alot of other things.Wage increases in the last 10 years have not kept up with inflation.There are almost no jobs that have a company pension.New workers will have to fund most of their own retirement.Auto companies are shedding people like crazy etc.I can understand how young people and older people can get into debt.Especially with credit card companies acting like preditors.The american economy has been an artificial economy the last ten years.Fancy loans etc.Soon this will all come to an end with a crash.So pay off all your debts asap.I agree with Anyas article 100%.Americans have to pay down debt.The easy days of get out of high school and get a good job are done.Also the days of getting a degree and being guranteed a great paying job are history as well.Some of the debt people are carrying is not frivolous spending it is a symptom of how our society has changed as a whole for the worse.Generally Young people under 40 have it more difficult than their elders.Change can be made by educating people etc.Actaully if people didnt try to keep up with the Jones only some of their debt problems would be illimnated.

  • McMilo - Wednesday, December 19, 2007, 8:49PM ET  Report Abuse

    • Overall: 4/5

    Good article. I’ve experienced the interest rate “gotcha” myself with Chase. I had the card for years, always had some balance but never exceeded it, and always paid on time. Then one month I got my bill and they raised the interest rate 2 points. When I called, I more or less got the “because we can” response. I ended up transferring the balance and canceling the card.

  • Mike - Wednesday, December 19, 2007, 8:35PM ET  Report Abuse

    • Overall: 1/5

    Maybe she could have dug a little deeper into this issue. For example, she could have explained that those special teaser rates (e.g. get $5,000 now for just 3.99%fixed) are a huge trick. How so? If you have an existing balance on the card, that balance moves to the bottom and the $5,000 at 3.99% goes on top. So you pay off the $5K first at 3.99% before you even touch the money in the balance prior to the $5K. That money sits on the bottom accruing the cards regular rate, which could 15% plus. This is another evil tactic of credit card companies. And they own the government - why do you think they;'re allowed to get away with such unseemly practices? Campaign contributions.

  • Yahoo! Finance User - Wednesday, December 19, 2007, 7:46PM ET  Report Abuse

    • Overall: 1/5

    Why not advise young readers to only buy things with a credit card that they can afford? The best advice on credit cards would be to pay 100% of the balance each month at 0% APR. Maybe the author works for the credit card companies to give stupid advice to readers so they can cash in.

  • Michael Tsen - Wednesday, December 19, 2007, 6:52PM ET  Report Abuse

    • Overall: 3/5

    I got mine lock in 3.99% and 2.99% for $30,000 plus. Geez, I can buy a car with that, lol.

  • skip - Wednesday, December 19, 2007, 5:52PM ET  Report Abuse

    • Overall: 5/5

    Good, solid article with a bit more meat in it than most articles of this type. The whiners should perhaps consider that not everyone is blessed with the same wonderful financial education that they so obviously enjoyed. This article is not about avoiding personal responsibility. Rather, its goal is clearly to enlighten the many Americans who have found themselves in credit card debt.

  • Jesse Ventura - Wednesday, December 19, 2007, 5:08PM ET  Report Abuse

    • Overall: 4/5

    People who can't budget and who aren't organized financially should stay away from plastic. All they'll end up doing is racking up debt and wasting away money by paying off interest. However, those of us who are financially responsible and who organize expenses...credit cards are an amazing tool. If you pay off your balance in total each and every month your FICO score will be great. But more importantly, by using a credit card you get to buy something and pay for it later. It's all about the Time Value of Money.

  • Doreen - Wednesday, December 19, 2007, 5:04PM ET  Report Abuse

    • Overall: 1/5

    she's repeating advice that Suze Orman gives every year. I have no idea how anya got a job dispensing financial advice. She has no degrees and zero life experience. Must be giving it to the boss or something.

  • Yahoo! Finance User - Wednesday, December 19, 2007, 4:43PM ET  Report Abuse

    • Overall: 1/5

    Read Dave Ramsey. Credit cards are bad idea for the poor and middle class. So many Americans are in financial trouble because of them. The only winners are credit card companies. Destroy the cards and build an emergency fund for emergencies. Pay off your cards and get out of debt and this cycle.

  • Yahoo! Finance User - Wednesday, December 19, 2007, 4:40PM ET  Report Abuse

    • Overall: 5/5

    Unlike some of the other Yahoo "experts" columns (Trunk???) Anya hits the nail on the head for the young & old alike. I have great credit but after a session with my financial advisor I learned that my spotless American Express account was not any help towards my FICO score. A lesson learned, not so much for me but my daughter needs her credit straightened out & the first thing to raise her score was to change her credit cards to those that are relevant to her FICO. Good article Anya!

  • jack - Wednesday, December 19, 2007, 4:37PM ET  Report Abuse

    • Overall: 4/5

    I recently needed cash to pay for some work done on my home. I took a cash advance from Discover card which I payed in full when the statement arrived. When I checked the rate it was 47% on cash advances!!! I could get better from Tony Soprano!

  • Yahoo! Finance User - Wednesday, December 19, 2007, 4:24PM ET  Report Abuse

    • Overall: 3/5

    Those who claim you don't need a credit card or any type of credit (HELOC), how do you handle emergency issues? My furnace (and entire HVAC system) died on Dec 10, and I'm in the north. I don't have $5k available RIGHT NOW to pay for a new system. I could get $5k available, but it may take days to get the transfers done, CD's broken, etc. Meanwhile, my family freezes. Good thing I opened a HELOC some time ago for another home improvement project (needed new siding and windows). As such, I had a credit line available (and checks to tap into it) to pay for the new HVAC system.

  • Eli - Wednesday, December 19, 2007, 4:02PM ET  Report Abuse

    • Overall: 1/5

    Better advice would simply be to avoid using credit cards altogether. Credit cards, helocs, and other debts are just the newest form of slavery in this country. Embrace freedom. Start by being debt free.

  • suavamente - Wednesday, December 19, 2007, 3:50PM ET  Report Abuse

    • Overall: 1/5

    I'm like a few of you who have commented. I use rewards cards, keep my money in a high-yield savings account until I need to pay off my debt and I really don't look at the interest or fees because I don't overspend and make sure I have enough in my savings to cover my upcoming credit card bill. I know another columnist wrote about that before. I forget who though.

Showing comments 6-35 of 98<< PreviousNext >>

More from Anya Kamenetz

Read the Generation Debt Book

According to economics professor Laurence J. Kotlikoff, Generation Debt offers "a truly gripping account of how young Americans are being ground down by low wages, high taxes, huge student loans, sky-high housing prices, not to mention the impending retirement of their baby boomer parents." Generation Debt will inspire you to take charge of your financial future.

Read more from Anya Kamenetz here and here.

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