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The current national debt in the United States is starting to reach a staggering $9 trillion. Households are borrowing more and more with mortgages and credit cards now accounting for a large proportion of a households debt’s. One of the reasons for this increasing debt is that we have come to embrace the consumerism lifestyle where instant gratification has become the norm. Instead of saving up as previous generations once did, the availability of credit has enabled many who are in a position to least afford it, to go out and live a lifestyle far beyond their financial means. |
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