Credit cards exceed 500 million for the first time ever

 Last week TransUnion’s latest report found the number of people with credit cards and personal loans hit record highs for the second quarter of 2022. The tally of total credit cards exceeded 500 million for the first time ever, led by adults ages 18 to 25 as they opened accounts. Credit card balances also jumped 13% during the second quarter, the largest year-over-year increase in more than 20 years. Now I know this sounds bad, but the employment rate is up and people are working. We’ve had this situation before to some degree and there weren't many jobs which caused a bigger problem. Having a great credit score is something to shoot for. The higher your score the better rates you pay for car insurance, your mortgage, the list goes on. But to get a great credit score there are many factors, but paying off the cards each month, or paying the highest interest card off first, is just one way to help you control your finances. We'll be doing a whole segment on improving your credit score on our August 20th Your Safe Money Show at 8 a.m. on Nice 95.5FM KBEK.