In the increasingly volatile American economy, where close to 800
billion dollars is owed in credit card debt and where there has
been a steady decline in work-related benefits like health
insurance and pensions, consumer debt has become a fact of life.
Credit cards are the new safety net being used by desperate middle
and low income families to manage essential expenses such as
groceries and medical bills. Here is a troubling examination of the
causes and consequences of the explosive rise in American consumer
debt.
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