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Credit Card Debt: The Next Possible Implosion

Money – Credit card debt may be the next implosion to hit. As gaps in income are made up by credit card usage, as credit cards max out and people cannot pay them the explosion may be strong.

Tags: Credit Card debt, credit cards, burst, implosion, max

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U.S. consumers are already burdened with a mountain of debt: $2.54 trillion at the end of February, according to the Federal Reserve. Revolving debt, which typically comes from credit cards, has increased at a faster rate than overall debt since the summer of 2006 -- right about when the housing market began to implode.

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A lot of people are relying on their credit cards to go out to eat, buy groceries and to put gas in their vehicles!

This is not good! I don't think that the Fed will bail out the consumers!

Thanks engineer!

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nice post

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