Just because consumers can use credit cards to pay for nearly anything doesn’t mean they should, CNBC staffer Kenneth Kiesnoski reports.
According to the Federal Reserve, outstanding card debt has topped $1 trillion; its highest point ever. With that in mind, credit reporting agency Experian warns against charging certain expenses, like taxes, college tuition, and big-ticket items out of your price range.
Experian also says it’s unwise to pay your mortgage with a credit card. Here’s why:
Most home-loan lenders won't let you pay your mortgage by credit card but there are plenty of third parties who will gladly help with that — for a huge fee, of course, says Experian. And if you don't pay off your credit card balance at the end of the month, you'll compound your mortgage debt and eat up a lot of your available credit — again impacting credit scores.
The six things never to put on a credit card from CNBC.
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