Credit card users warned of debt cycles and security risks

Financial experts and security specialists are issuing warnings to credit card users regarding debt management and security vulnerabilities.

To manage rising living costs, many consumers are using cash advances from one card to pay off another. Experts warn that this practice does not eliminate debt but merely shifts it to a different financing channel, often incurring new interest and costs. Additionally, paying only the minimum amount due can lead to a cycle of increasing total costs due to interest on the remaining balance. Having multiple cards with high limits can also create a “limit illusion,” where consumers mistake available credit for actual income.

Regarding security, experts warn that certain PIN choices make cards vulnerable to fraud. Using easily predictable sequences like “0000,” or using significant dates and the last four digits of a phone number, can facilitate theft. Forensic computing specialist Prof. Dr. Ali Murat Kırık notes that automated brute-force software can quickly crack simple combinations, particularly those involving zeros, making complex and non-obvious PINs essential for protection.