As more businesses become cashless and paperless, consumers are increasingly relying on credit and debit cards. Americans are swimming in credit card debt. One personal finance expert says there are two types of credit card users: those who pay off their balances each month and people who don't. For the 50% of households that can’t pay off balances monthly, they end up accumulating more debt.
The downside of going plastic: racking up debt
- Kimberly Palmer - Personal finance expert at NerdWallet, author