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In Debt We Trust for U.S. Consumers With $12.7 Trillion Burden

In Debt We Trust for U.S. Consumers With $12.7 Trillion Burden

To put the borrowing in perspective, it’s more than the size of China’s economy or almost four times that of Germany’s. Household debt outstanding -- everything from mortgages to credit cards to car loans -- reached $12.7 trillion in the first quarter, surpassing the previous peak in 2008 before the effects of the housing market collapse took its toll, Federal Reserve Bank of New York data show.

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