What is the number one reason why consumers default on their debts?
A) Medical expenses
B) Defective goods and services
C) Excessive use of credit
D) Fraudulent use of credit
E) Consumer fraud

Question

Quizplus · Accepted Answer

Excessive use of credit, also known as overspending, is the number one reason why consumers default on their debts. When individuals use credit excessively, they accumulate more debt than they can afford to repay, leading to missed or late payments, defaults, and ultimately, consumer bankruptcy. Therefore, managing credit responsibly and avoiding overspending is crucial to maintaining good credit and financial stability.

What Is the Number One Reason Why Consumers Default on Their