1 In Three Americans Burned By Lending Their Credit Card To Friends And Family

March 13, 2018

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Money might be able to buy you happiness but lending your credit card is a surefire way to end a friendship and cause a family controversy for many years to come.  A recent survey by credit cards.com found that more than 36 million people have been burned by lending their credit card to someone. While nearly half of adults say they've lent their credit or debit card to someone, 35% saw negative consequences including overspending (19%), not getting repaid for the debt (14%) or having the card lost, stolen or just never returned (10%). While 30% of cardholders have lent them to their spouses and partners and 21% to their children, 39% say they've never let an immediate family member borrow a credit card. For those who generously share their credit cards, 49% said it was okay to ring up to $100 on their cards while the youngest group of cards, ages 18 to 37 say their more likely than older adults to lend credit cards to their friends. But they were also the most likely group to say cards they lent to other people were lost or stolen.

SOURCE: CreditCard.com

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