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Increasing household debt in US reaches level of 2008

A new report from the Federal Reserve Bank of New York shows that American households have accumulated the amount of debt that they held during 2008. In that unfortunate year, when the Great Recession hit, American households held about $12.68 trillion in debt. Now, nearly ten years later, American households hold about $12.73 trillion in debt. What may surprise you is that this time around, there isn't much fear of a collapse nor does it seem like this is necessarily a sign of bad things to come.