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Did the Fed Just Warn the Debt Bubble is Beginning to Burst?

While everyone is focusing on political issues, the NY Fed published a stunning report on the state of the US consumer. According to the NY Fed, the average US household has hit a new record for debt, surpassing the old record set at the peak of the 2007 bubble. Put simply, the average US household today is more in debt that it was in late 2007: the former peak of a massive debt bubble.
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