each year. Consumers are trying to use their credit cards to pay for necessities that they can no longer afford as a result of inflation. As a result, they are accumulating more debt than they can feasibly pay off and are at risk of defaulting on their payments. Therefore, it is important for consumers to approach credit card debt with caution and be sure to budget and track their spending carefully. It is also beneficial for them to take advantage of any available payment holidays or low-interest deals that credit card companies may offer in order to help manage their debt. Lastly, consumers should correct any errors on their yearly credit report to ensure that all of their debts are accurately reflected.
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