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A recentExperian studyon consumer debt sheds light on the relationship between debt and creditworthiness.
Most of that debt is secured by assets that typically require stable credit to attain.
Another $1.5 trillion is for auto loans, which are secured by the vehicles they finance.
In short, if you have asset-backed debt, you probably have at least a decent credit score.
In other words, they simply cant afford the rapidly rising cost of everyday necessities without going into debt.
For most, its a double-edged sword.
More of these consumers also owe additional fees due to falling behind on credit payments.
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