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Sarah Lazare – Americans Are Drowning in Credit Card Debt, and It’s Not Because They Are ‘Irresponsible’

Amid soaring inequality [3] and stagnant wages [4], consumers in the United States collectively accumulated a stunning $34.4 billion in credit card debt during the second quarter of 2016 alone, according to a new report [5] from the personal finance website WalletHub. This high number represents the greatest second-quarter accumulation since at least 1986, when such data was first recorded, and positions U.S. consumers to surpass “$1 trillion …