Credit card balances increased in January, Fed report shows
Credit card balances have been growing, with consumers piling on debt as prices rise. The most recent Fed data shows card balances continued to grow in January.
3 min read
Mar 07, 2023
EXPERTISE
- Consumer law
- Monetary policy
- Debt management
- Mortgages
- Managing investments
EDUCATION
- Master of Arts (Journalism) from University of Mississippi, Oxford
- Master of Business Administration from BIM, Trichy, India
- Bachelor of Arts (Economics) from Bharathiar University, Coimbatore, India
Making good financial decisions enables people to get more out of life, and I’m happy to contribute to that endeavor.
— Poonkulali Thangavelu
Poonkulali Thangavelu is a senior writer at Bankrate, addressing credit card-related consumer protection and debt management issues. She believes that making good financial decisions enables people to get more out of life and is happy to contribute to others’ financial education. She uses credit cards extensively and sees them as a good financial resource to draw on — if used wisely.
Poonka has extensive journalism experience covering personal finance and business topics. She draws on her financial education and expertise and likes to simplify the subject matter to enable readers to make good decisions. While covering the mortgage market for National Mortgage News, she curated and edited a newsletter targeting the home-equity lending niche of the mortgage industry. In this role, she cautioned that home prices were getting out of hand in the period leading up to the 2006 housing market crash.
She’s contributed to multiple business and consumer-oriented outlets, and her work has been picked up by various national publishers such as the San Francisco Gate, Chicago Tribune and McGraw Hill, along with syndication on Fidelity, MSN, Nasdaq, Yahoo! and others. Her career includes a stint doing consumer market research for global advertising agency Ogilvy as well as experience as an equity analyst and writer.
Find Poonkulali beyond Bankrate
- Can a bank cancel my dead parent’s credit card if I have power of attorney? (MSN)
- Can a bank seize funds from my checking for my credit card payment? (Yahoo! Finance)
Poonkulali wants you to know
It’s great to earn credit card rewards, but don’t go overboard with your spending in order to hit a welcome bonus or bonus category cap. I like the Blue Cash Preferred® Card from American Express since it offers cash back on groceries, which I buy a few times each month anyway. The cash back rewards even offset the annual fee, so I find it worthwhile.
Poonkulali's recommended readings
- My card issuer charged me for “card present” transaction fraud
- How the Fed affects credit cards
- Bank refuses to refund fraudulent charges
Making good financial decisions enables people to get more out of life, and I’m happy to contribute to that endeavor.
— Poonkulali Thangavelu
Poonkulali's latest articles
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Do all grocery store purchases earn grocery cash back rewards?
Do only food items qualify for grocery cash back rewards?
3 min read Mar 07, 2023 -
I was approved for a new credit card and got two. What should I do?
What happens if your issuer accidentally sends you two credit cards, and how to ensure it doesn’t hurt your credit score.
3 min read Feb 27, 2023 -
What the CFPB’s proposed $8 credit card late fee cap could mean for cardholders
The CFPB’s recent proposal to cap late fees, and what it could mean for you.
5 min read Feb 22, 2023 -
What can I do if my credit card billing error dispute is denied?
Credit card issuers must provide an explanation for denying your billing error dispute.
3 min read Feb 14, 2023 -
Survey: Nearly 1 in 4 Americans in relationships are hiding financial secrets from their partners
More than half of U.S. adults say financial infidelity is just as bad as physical cheating.
4 min read Feb 09, 2023 -
How does my credit card payment get allocated?
If you make more than your minimum payment, the excess should go towards higher-interest balances.
2 min read Feb 01, 2023
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How long should you keep a secured card?
A secured credit card can help start off your credit journey and build credit history
3 min read Oct 03, 2023 -
Small business credit cards vs. corporate credit cards: What’s best for your growing business?
Small business credit cards tend to come with personal liability
4 min read Oct 03, 2023 -
How to maximize your credit card rewards
Learn how to strategically get the most out of rewards credit cards
6 min read Sep 28, 2023 -
Which rewards credit card is best for me?
Find a credit card that aligns with your spending pattern to reap the rewards
3 min read Sep 28, 2023 -
How to redeem credit card rewards
You can redeem card rewards for cash back, points or miles and gift cards
6 min read Sep 28, 2023 -
Are rewards credit cards worth it?
Credit cards offer a variety of rewards, but wisely choose, and use, suitable cards
3 min read Sep 27, 2023 -
How long should I wait between credit card applications?
Making too many credit card applications in a short period can hurt your credit score
5 min read Sep 26, 2023 -
Are travel credit cards worth it?
Travel credit cards offer great benefits, including valuable points and miles rewards. It’s important to consider some factors before deciding if a travel credit card is right for you.
7 min read Sep 25, 2023
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Should I use a personal loan to pay off credit card debt?
Using a personal loan to pay off credit card debt can be a huge financial relief—but is a personal loan your best option?
7 min read Jun 15, 2023 -
Charge cards vs. credit cards: What are the differences?
You can carry a balance on a credit card, but not with a charge card.
6 min read Feb 16, 2023 -
Best travel credit cards with 0% APR
Compare and pick the best 0% APR travel credit cards
6 min read Jan 30, 2023 -
Guide to Comenity Bank-issued credit cards
Comenity Bank, now known as Bread Financial, offers 140+ store credit cards to retailers around the world.
5 min read Jan 25, 2023 -
Best credit cards for shopping in 2023
No matter the season, a rewards card can help lighten the load of your spending.
11 min read Jan 18, 2023 -
Best business balance transfer credit cards for 2023
Here’s what you need to know about the best cards in this niche.
5 min read Jan 10, 2023 -
Capital One Quicksilver vs. Citi Double Cash Card
The Citi Double Cash earns the most rewards, but the Capital One Quicksilver offers some additional benefits that might be more valuable to some cardholders.
6 min read Dec 09, 2022