American Consumer Debt hit a record level in October at over $1.98 trillion. The nations credit card debt hit $785 billion, or nearly $7,000 per household. And since about 40% of users pay their balances in full each month, the household card debt of those who carry balances is closer to $12,000. Consumer bankruptcies have exceeded 1 million per year since ’96. Bankruptcy filings in ’02 totaled $1.54 million and are expected to set a new record in ’03. (Gazette 1/11/04)
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