Why do credit cards so often feel manageable at first, and then quietly turn into long-term debt?

In this episode of The Wallet, Emilie Bellet (Vestpod) is joined by Iona Bain, award-winning broadcaster, columnist, and author, following her Panorama investigation Maxed Out: The Credit Card Trap. Together, we unpack how credit card products are designed, why minimum payments and rising credit limits keep people stuck, and why debt can linger for years, even when people feel responsible and are doing their best.

We discuss:

• What the “credit card trap” really is, and why it is not about being bad with money
• Why minimum payments create a false sense of safety
• How credit limit increases quietly make debt harder to escape
• Balance transfers, when they help and when they just delay the problem
• The emotional side of debt, and why shame keeps people stuck
• What actually helps people stay in control

The information shared is for educational purposes only and is not financial advice.

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Emilie’s book: You’re Not Broke, You’re Pre-Rich

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