US credit card debt has spiraled to a staggering $870 billion, a new record. The debt pile is going to be of significant concern to fiscal hawks who will be particularly concerned by the fact that the amount is continuing to push higher despite a booming stock market and positive growth in the US economy. Perhaps what is most concerning is the fact that this historic debt bubble has now surpassed a psychologically concerning level. This level is the 2008 peak of debt around the time of the stock market crash and Great Recession. Multiple factors contributed to this dubious
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