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Why Nearly Half of Americans Are Stuck in Credit Card Debt

Why Nearly Half of Americans Are Stuck in Credit Card Debt

A recent survey by LendingTree reveals that 47% of Americans have credit card debt, with nearly half of these individuals carrying it for over a year. Many debt-holders attribute their financial woes to factors beyond their control, including the U.S. economy, the COVID-19 pandemic, and medical emergencies. Surprisingly, 31% admit a lack of financial discipline contributes to their debt. The survey underscores the importance of financial education, with 57% of respondents believing they could have avoided debt if they had received better financial guidance earlier in life. Additionally, a significant portion of younger generations blame their parents' financial situations for their debt. The majority of those in debt feel stressed and uncertain about when they can pay it off. Experts like Matt Schulz suggest strategies such as debt consolidation and financial education to alleviate the burden. Ultimately, the findings highlight the complex interplay of personal and external factors in America's credit card debt crisis.

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