Beware of Retail Credit Cards

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Retail credit cards often have high interest rates, around 30%, which can be tempting for cash-strapped individuals looking to save money with sign-on bonuses or discounts. However, many people may not realize the long-term financial implications of using these cards.

Americans owe more than $1 trillion to credit card companies, a record sum that’s likely to keep growing as rising interest rates prevent cardholders from paying down their debt. CNET’s Nick Wolny explains.

This episode was produced by Victoria Chamberlin, edited by Matt Collette, fact-checked by Laura Bullard and Amina Al-Sadi, engineered by Andrea Kristinsdottir and Patrick Boyd, and hosted by Jonquilyn Hill.

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