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The Credit Card Debt Situation
Since 2020, debt has risen significantly. Millennials experience a 30% average debt increase, and the current total debt is roughly $3.8 trillion. Ironically, people were saving significant sums of money before the debt spiral began. Now, many people find themselves struggling financially.
While profligate spending could lead to an increase in debt, other factors play a role. When inflation raises the price of everyday necessities and people's incomes decrease, they often borrow heavily. In time, the debt amassed could lead to insolvency.
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