US consumer debt is high and rising but 16 cents on every dollar spent by the government is now going to interest.
Other consumer debts are being used to buy homes and cars and fund the purchases that make life livable, not to mention the many industries that rely on this spending.
A recent report from the Federal Reserve warned that consumer debt is now more than $18tn and the people are worried.
Americans’ “credit card and household debt reach all-time high”, reports Fox News.
It’s true that some consumer debt – particularly student loans – has soared in the past few years.
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