Personal FinanceLeigh Vogel / Stringer / Getty Images North AmericaJohn SeetooIn the waning months of his presidency, Joe Biden enacted a number of decisions and executive orders that restocked inflation, sending it up in October through January cumulatively back over 5%. Some of these steps included additional billions to Ukraine aid and attempting to prevent offshore oil drilling on 625 million acres of the US coast, meanwhile only offering limited FEMA aid ($770 each) to thousands fleeing from burning homes in Los Angeles and North Carolinians still awaiting aid from the flooding caused by Hurricane Helene.
Resurging inflation topping over 5% in the outgoing weeks of the Biden Administration left millions having to buy food, medicine, and other necessities with credit cards.
Until President Trump’s economic policies can go into effect to cut inflation and bring the prices of goods and services back under control and on the way down, credit cards may remain the sole way to make ends meet for many families.
Financial Management expert advisor Suze Orman has 7 Credit Card Tips that all revolve around reducing debt loads, which are especially pertinent for 2025.
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Millions of families reeling from the past 4 years and starting to catch up as inflation appeared to be back near 2% in September have been caught in the middle again. A great many of them had to rely on credit cards to buy basic necessities, food and medicine. With the the hundreds of thousands now impacted by fires and flooding added to those numbers, credit card debt, which reached a record $1.17 trillion back in October, 2024, has probably soared past that amount in January, 2025. While the economic policies of President Donald Trump will likely bring inflation down comparably to levels during his previous term, this effect will not become quantifiable for at least the next 2 fiscal quarters, with price reductions to follow only after that time. As a result, millions of people will rely on credit cards as their sole emergency cash reserve resort for at least the next 6-9 months. Running up significant credit card debt at high interest rates will be a common problem. Suze Orman’s 7 Credit Card Tips For Debt ManagementStephen Lovekin/Getty ImagesSuze Orman’s strategies for credit card use revolve around mitigating debt accumulation when and wherever possible.NY Times Bestselling author, podcaster, and TV show host Suze Orman is one of the most recognized and popular financial advisors in popular culture and media today. Her ascent from near destitute victim of an unscrupulous st