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The U.S. Now Has:
1. Record $17.1 trillion in household debt
2. Record $12.0 trillion in mortgages
3. Record $1.6 trillion in auto loans
4. Record $1.6 trillion in student loans
5. Record $1.0 trillion in credit card debt
The average house payment is about to hit $3,000/month for the first time in history.
All as oil prices are up 40% in 3 months, mortgage rates hit 7.5% and credit card rates are at a record 25%.
Borrowing more debt to pay debt is not the solution.
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