Americans are swimming in red ink.
Data released last week found that bankruptcy filings surged 3% last month, compared to July of '18. If the trend continues, total bankruptcies could reach almost 800,000 this year. That exceeds the 777,000 for 2018.
American household debt, including mortgages and student loans, is near $14-Trillion dollars. That's $1-trillion higher than during the great recession of 2008. Credit card debt is also higher than it was at the start of the Great Recession.
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