Be careful where you shop and use a credit card – it could be harmful to your financial health!

25 Feb Be careful where you shop and use a credit card – it could be harmful to your financial health!

With increasing frequency, credit card companies are tracking where customers shop and are penalizing them for purchases that may signal financial difficulties.  If you use your credit card at a red-flagged establishment such as the auto repair shop, the dollar store, or discount stores, the credit card company may reduce your credit line and/or increase your interest rates.   

Since I don’t know which stores are red-flagged, I guess this means I should always pay with cash when I shop at my favorite Target or WalMart store.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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