Americans racked up a record amount of debt in 2004. Why the big increase? And is there a way Americans can get out of the debt in record time?
Relaxed lending standards and low interest rates are leading many consumers to spend beyond their means. U.S. consumers are now $2.1 trillion in debt. That debt load has doubled in just the past 10 years. Also doubling during that time are personal bankruptcies. One and a half million people are expected to file for bankruptcy in 2005.
For this complete story, please visit Americans Racked Up Record Debt in 2004.
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