The last few years have been tough financially. In the aftermath of COVID, rising inflation and high interest rates, many people are struggling to afford large purchases, pay for emergencies and generally make ends meet. Many people are incurring debt as a result.
According to a TransUnion report, total credit card balances rose from $785 billion at the end of 2021 to $930 billion at the end of 2022. Total personal loan balances rose from $167 billion to $222 billion over the same period. With the average borrower having $5,805 in credit card debt and $11,116 in personal loans, it’s no surprise de…
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