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IPFS News Link • Economy - Economics USA

As The Economy Implodes, Credit Card Balances Are Increasing At The Fastest Pace In U.S. History

• http://theeconomiccollapseblog.com by Michael Snyd

 The cost of living is rising much faster than most of our paychecks are, and this is putting an enormous amount of financial stress on hard working Americans.  But rather than cutting back on spending, a lot of people are choosing to deal with that financial stress by going into more debt.  In fact, we just learned that U.S. household debt reached an all-time record high of 16.9 trillion dollars last quarter…

Total US household debt hit a record $16.9 trillion during the fourth quarter, an increase of $394 billion, or 2.4%, from the prior three-month period, according to the Fed's latest Quarterly Report on Household Debt and Credit. While the lion's share of the debt is attributable to mortgages, the report showed that not only are credit card balances swelling at record levels, delinquencies are on the rise as well.


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