Welcome to this week's edition of your Money Crasher Minute [MoneyCrashers Logo] Having trouble viewing this email?
[Click here]( [Weekly Hero Image](#) In this weekâs newsletter: - Bank robbers are increasingly out of a job - Taking medical credit card providers to task - Four-legged millionaires - And more [Kelly Ernst headshot] Kelly Ernst Managing Editor Quick Market Price Check Last updated: January 9, 9:20pm EST 19.59% Average Credit Card APR 0.22% Average Savings Account APY 7.11% 30-Yr Fixed Mortgage Gimme All Your ⦠Nevermind. Fans of heist movies shouldnât expect any tales set in Denmark in 2022. [Zero bank robberies]( occurred in the country last year, and only one occurred in 2021. (Contrast that to 1,724 in the U.S. in 2021.) Increased security measures like surveillance cameras and alarm systems are partially to thank for the decline. So is the fact that Denmark has become increasingly cashless. Banks there rarely keep cash on hand â only about 20 of the countryâs roughly 800 branches have tellers to conduct deposits and withdrawals. Former getaway drivers, might we suggest a career change to food delivery? [disappointed robber.jpg] Rated âHâ for High Experts predict credit card rates in 2023 will be [the highest theyâve been in 40 years](. Average rates are expected to hit 20.5% this year, and some store cards are already over 30%. With [over a third of Americans]( turning to credit cards to cover gaps in their budgets and around 70% of millennials and Gen Zers living paycheck to paycheck, this bad news is especially worrisome. Fortunately, less-costly options are out there if you know where to look. If youâre in need of a new card, check out these [low-APR cards](. If youâve got high-interest balances, [cards with 0% APR promotions]( can help you save money and pay your debt off faster. [interest rate rise.jpg] Predatory Practices Under Fire A medical credit card is one way to pay for health care if things are tight. But itâs not always the best option â and some senators are worried these cards take advantage of people in tough situations. In a [letter to Synchrony Financial and Wells Fargo]( Senators including Elizabeth Warren and Edward J. Markey raised concerns about medical cardsâ predatory nature. Among these concerns: - Some providers push patients to sign up for medical credit cards to pay for their services. Patients, stressed about their medical care and its costs, may apply for these cards without considering other, more affordable financing options. - These cards often carry high interest rates. A 0%-APR promotion might make this seem more palatable, but if the borrower canât pay the balance off before the promo expires, they face hefty interest charges. - Medical credit card limits are often set for the amount of service, which can hurt borrowersâ [credit utilization ratio]( and lower their credit scores. - Credit-reporting bureaus now remove 70% of medical debt in collections from credit reports. But since medical debt on a credit card counts as credit card debt, itâs not eligible for removal. Synchrony and Wells Fargo have until Jan. 12, 2023, to answer the senatorsâ questions about their medical credit cards. Stay tuned for what comes next. And Now for Something a Little Lighter... Take a break from serious dollars and cents with these stories from the more random corners of the internet. - Win Free Chipotle for a Year. You heard that right. As part of Chipotleâs new [Freepotle]( perk, Chipotle Rewards members who make a minimum $5 purchase from Jan. 9 to Jan. 15, 2023, are entered to win free Chipotle for a year. Other Freepotle perks include 10 freebies (like a side or topping) throughout 2023. Think of all the extra guac you could add⦠- The Envelopes, Please. Envelopes are having a moment. Hot on the heels of the [cash-stuffing trend]( [TikTokâs $10K savings challenge]( uses 100 of these little paper pockets to help you set aside a sizeable amount of cash in three months. If your new yearâs resolution was to build your savings, this could be a fun way to do it. - Fur-fluencers. If viral media fame eludes you, thereâs another way to make a fortune from social media: putting your four-legged family members to work. Among the [10 richest animals in the world]( six earned their wealth from things like merchandise, commercials, and branded pet food (versus inheriting it, a la Oprahâs trust-fund dogs). If youâll excuse me, I have a Chihuahua who needs way more training.  [influencer cat.jpg] [Twitter Logo]( [Facebook Logo]( [Instagram Logo]( [Pinterest Logo](
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