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10 Surprising Reasons Why More Americans Have Credit Card Debt

December 1, 2017

When used responsibly, credit cards are a useful addition to your wallet. They’re not only safer than cash, they can also build your credit rating. And some cards include a rewards program, helping you save money on future purchases.

But with the accessibility of credit, there’s also the risk of overuse and debt. In fact, many people have fallen into the credit card trap, so much so that Americans owe a collective $1 trillion in credit card debt, according to the Federal Reserve. And, a recent GOBankingRates survey found respondents have nearly $7,000 in credit card debt, on average.

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