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Lending out your credit card

Established Contributor

Lending out your credit card

About half of people lend out their credit and debit cards and often the results aren't good

Americans credit card debt has just hit a disturbing record of $1.02 trillion according to the federal reserve. Overspending is bad enough when it is your own money. When it's a friend or family member spending your money, that's even worse. Thirty-six million U.S. adults have had a negative experience lending their credit cards out, according to a new survey sponsored by CreditCards.com and conducted by YouGov.   The biggest problem? Overspending, according to 19% of the respondents. Other issues: not getting paid back (14%) and not getting the card back (10%). “If you give your card to someone else and they run up a balance, you're the one still responsible,” said Robert Farrington, a financial ...

 

https://www.usatoday.com/story/money/personalfinance/budget-and-spending/2018/03/07/half-people-lend...


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Message 1 of 4
3 REPLIES
Regular Contributor

Re: Lending out your credit card

Yup...nothing to see here... Smiley Indifferent

Message 2 of 4
Frequent Contributor

Re: Lending out your credit card

Never would I loan out a CC


Message 3 of 4
Established Member

Re: Lending out your credit card

The only people I lend my card to are those who have just gotten out of jail.  

By the way, my credit score has dropped but I haven't changed the way I use my cards (the ones I haven't lent out).  

Why is this?


Yes, just one card - by design.
May 2018 Score: 805 (FICO 9 - Experian)
Message 4 of 4