Record Credit Card Debt and Inflation Drive Consumers to BNPL and Digital Wallets

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.