Paying my credit card minimum keeps hurting my score, and credit limits. What Are my options to fix?

Paying my credit card minimum keeps hurting my score, and credit limits. What Are my options to fix?

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. Key Points A Reddit user lost his job, and he is now paying only the minimum due on his credit cards. Card companies have been lowering his credit limit, which has caused his credit score to drop by 120 points. He needs to pay more, or be listed as an authorized user on a card with available credit, to…

Credit-Card Companies Brace for a Downturn

“The largest credit-card companies are preparing for the economy to get worse,” the Wall Street Journal reports. “An economic downturn could mean more customers can’t pay their bills, and banks and credit card companies are trying to get ahead of it, according to their latest earnings reports. Already, delinquencies are rising and are now in line with levels from before the pandemic.”

Credit-card firms prepare for economic downturn risks

Credit card companies prepare for economic downturn; rising delinquencies prompt tighter lending despite continued consumer spending. In Short US credit card companies are preparing for a possible economic downturn by tightening lending and increasing reserves, even as consumer spending remains high. While the wealthy continue to spend, access to credit is diminishing for lower-income individuals, and caution is growing among banks. Credit card …

A Growing Share of Americans Are Struggling to Pay Their Credit Card Bills

With more credit cardholders than ever falling behind on payments, delinquencies are painting a stark portrait of consumer distress.