With Inflation Stabilizing, Are Credit Cards Still a Good Safety Net?

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Additionally, the Federal Reserve has lowered interest rates, suggesting the economy is in a more stable place.

Consumers may wonder if lower inflation means its a better environment to use credit cards as a safety net.

Outstanding debt builds up quickly and can easily run out of control if one is not paying attention.

Consumers should keep credit utilization to no more than 30% of their credit limit, she said.

Begin with a modest amount and gradually increase it over time.

Lynch also urged consumers to think about needs and wants when making a purchase.

Can the purchase be delayed?

Did the consumer seek the best price for the needed product/service?

Were all other options exhausted before using ones credit card?

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