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Record Credit Card Debt and Inflation Drive Consumers to BNPL and Digital Wallets
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CFPB Reveals Financial Challenges
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High inflation and record credit card debt are causing consumers to turn to buy now, pay later (BNPL) options and digital wallets. The Consumer Financial Protection Bureau (CFPB) is addressing the problem of erroneous medical debt collection, with 15% of complaints being about debt collectors trying to settle alleged unpaid medical bills. Additionally, the CFPB is addressing the increasing burden of credit card debt.
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How can consumers effectively manage their credit card debt?
How can the CFPB further protect consumers from erroneous medical debt collection?
What are the potential consequences of the increasing burden of credit card debt?
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