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Episode 3206:

Many credit cards promise rewards and flexibility, but as Kumiko warns, certain types can trap you in debt and threaten your financial security. From deferred interest schemes to credit cards secured by your home or bank account, these offers often prey on vulnerable consumers. Learn how to spot these dangers and protect your financial future.

Read along with the original article(s) here: https://www.thebudgetmom.com/types-of-credit-cards-you-need-to-avoid/

Quotes to ponder:

"If you think there is even a slight chance you can't pay off the entire balance by the end of the promotional period, you need to avoid a deferred interest credit card."

"Home secured credit cards are always a bad idea. The potential consequence of not making payments is the loss of your family's shelter, which is a necessity."

Episode references:

Debt.org on predatory lending: https://www.debt.org/credit/predatory-lending/

Consumer Financial Protection Bureau: https://www.consumerfinance.gov/

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