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Consumer Credit Challenges and Payment Methods
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Overview
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Consumer struggles with credit access and low credit scores, leading retailers to focus on serving these consumers and increasing loyalty. Credit card spending surges, with concerns about consumer spending pressures and the rise of 'Buy Now, Pay Later' services. Digital wallets emerge as a preferred alternative payment method, while younger generations are less likely to use credit cards, favoring 'Buy Now, Pay Later' options.
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How might the growing popularity of digital wallets impact the traditional credit card industry?
How might the shift in payment preferences among younger generations influence the future of credit card usage and related services?
What strategies can retailers employ to address the challenges faced by consumers with low credit scores?
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