Millennials Increasing Credit Card Debt Across US

Unused credit cards can positively impact credit scores by lowering credit utilization ratios and extending credit history length, which are key factors in credit scoring models. Experts stress maintaining occasional use of these cards to avoid inactivity fees while benefiting from a longer, stable credit track record. Meanwhile, loans on credit cards offer quick access to funds but come with high interest rates and fees, requiring careful consideration to avoid debt pitfalls. Innovation in the credit card industry is shifting toward customizable payment plans, with younger consumers seeking more control and flexibility in how they use their credit cards. Additionally, lifetime-free credit cards, such as those offered by IDFC FIRST Bank, are gaining popularity by waiving annual and joining fees while providing valuable rewards and payment flexibility, appealing to cost-conscious and new credit users alike.