Matt Schulz (, Card Lending)


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

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Absolutely. When it comes down to it if if you live somewhere in your card. Our survey shows you've got to battle war means to read chances of getting burned and the biggest issues did we find if people had. Is it people spends too much on the card that's obviously a big deal because regardless of who's been a nice start. You're the ones responsible for it. And there is a tendency to spend more than you would even if you're legitimately using it for yourself which is the reason why so many retailer. Pew retailers take credit cards in the first place right. There are plenty of reports they're the chosen people are more willing to spend a little more with their plastic yet. OK so you let your card to someone now she get burned obvious that they wonder that the thing that comes to mind as people spend too much what are some of the ways in which. People actually do get burned among the 36 million people. Well sometimes people don't get paid back. And sometimes the card is lost to stolen. In to what we've found is that. It's the most common person too low on the card to. Is your spouse. Or to hit. So. Those can make for some awkward conversations across the dent. Yeah and and wondered about hearing it in and truly unauthorized charge. Someone gets my number and charges that the credit card companies on the hook in my cost me fifty bucks worst case scenario to get out of it but. What patient talking about that's kind of not so clear case were you probably on the hook up the credit card company right. Yeah you're probably on the hook for that exit. And and really that's just another reason why you're probably better off saying you know if somebody asked to blur your card. Because it's better than. Setting yourself up for potential financial. I was gonna say I guess you could report fraudulent transaction that would make for an especially dangerous covers a that would be a dribble now be a fraudulent discussion about. Yeah yeah good and good luck with having that conversation with your life for husband. It the right now and fighting guy I found interesting is that you do it learned that the less money you make. The more likely you are to get burned by lending out your credit card. Yes and I think a lot of that probably. Has a correlation with age as well. In financial inexperienced as we weeks off for example the millennial. Where is the most likely to get burned. And I think that that's also. A big part of it is that they are also the most likely be willing to. Lynn and two friends or coworkers. And letting your husband or wife or your cart is one thing. Letting the guy you played basketball with on Thursday night or your card is something else entirely. This might inspire some conversation where he you might wanna talk about that individual and your family who's using the credit card. To either get their own credit card. As part of your count. Or or just try to get on the wrong on the realm I mean it seems to me like there's not a lot of reasons why people in the same family should be using your card. Generally speaking that true I mean there are certainly cases where if somebody forgets their wallets you can say they'll pay for this that is four. Or also if you are. If you'd have a new card indeed you are trying to hit the minimum stands to get a sign up bonus. And that can be a reason to focus solely your efforts on one art but generally speaking everybody better off having their cars. Great advice met one final question this is not related to the topic we're talking about but you're an expert on this week talking about the increase in credit that we've seen. Is it got to a point yet where there is a concern on your part or is the increasing credit right now simply reflective of a stronger economy what you expect. There are some signs of trouble ahead. Did. There's only so much hard dead Americans can handle without it causing real problems we don't know what that tipping point is. But we're seeing delinquencies increased a little bit we're seeing other signs of trouble also. We're we're not hearing into the abyss yet but it. He would be good so far. The problem is we we don't learn where the of this is until after something really bad happens is part of the problem. Yeah yeah it's true hands in which we also even though we're at record levels for credit card debt. Those previous records we came down from those because of issues they weren't related to credit card debt. So we that we don't know what the true height and with a true tipping point is for part. Any other the other big differences compared to previous recessions is people have so much. Student loan debt on top of that I wonder if the tipping point and credit cards might be. Not as high as we think. It's entirely possible that these these student loan debt conversation colors everything with our economy. Right now so it's it's a really big deal. All right well Matt Schultz from credit cards dot com thank you very much in. The credit card is staying in the wallet it's not being shared with anyone. Thank you thank you very much Matt Schultz and that is just incredible stitches nearly half of credit card users. Current or former have admitted to some else used them against. Should now be shocked by that. You know there's so many ways in which you see that the ease of using a credit card creates problems. Not just by the user but by the deeply give it to. Out I've bought it. But I guess my. Kids one year old yes you music critic is your debts that you use in that and mole and all that stuff I used my credit card for the to edit points I used and notified the page to page some individual but it. I mean amusement at Hartford for everything else. That. Public you Tucker Null. And heading. From what I have I credit card my wife's has it as an account. With me so I mean it's the same basically the same as a sub account. And you know we monitor what happens I just I can't see any reason rationally why maybe like an online purchaser in there for like jail family member. Even managers like you landing it does me any sense yet I I agree so. Don't give your credit card out every joint U device for people but do spending your account with your name and use your credit card that's the best advice.