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Consumers Opt Out of Credit Cards to Avoid Debt
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Overview
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Many US consumers opt out of credit cards to avoid debt, with a majority living paycheck to paycheck. Credit card usage is prevalent among this demographic, but financial distress is linked to reaching credit limits and carrying balances.
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How can financial education programs help consumers make better spending decisions and avoid debt?
How might the trend of avoiding credit cards impact the overall credit card industry and consumer credit scores?
What measures can banks and credit card companies take to support financially distressed consumers?
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