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Consumers Are Drowning In Debt As Hordes Of Businesses Fail All Over The U.S.
U.S. consumers have piled up the largest mountain of household debt in the history of the world. If the federal government was not almost 36 trillion dollars in debt, the fact that U.S. households are nearly 18 trillion dollars in debt would be making a lot more headlines. Sadly, our entire society is absolutely saturated with debt at this point. Government debt on all levels is spiraling out of control, corporate debt has ballooned to absurd levels, and consumers have been gorging on debt as if there will never be any consequences. Unfortunately, a time of reckoning has arrived, and it is going to be incredibly painful. On Wednesday, we learned that total credit card debt has surged to a brand new record high of 1.17 trillion dollars… Collectively, Americans now owe a record $1.17 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.
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