American Families Already Had Record Debt Before Coronavirus Hit

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American Families Already Had Record Debt Before Coronavirus Hit

Prior to the COVID-19 pandemic, the American economy was strong. Unemployment was low and low interest rates encouraged consumers to spend. However, many Americans were also struggling under a mountain of debt – the highest per-household levels since 2008. Now that the economy has been flagging under a global health crisis, consumer debt levels are expected to grow even further.

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