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Medical debt.Household debt can be a useful servant at times but a demanding master if it gets out of control.
“Another year is in the books, and the latest data from the Federal Reserve shows that we set yet another new record for household debt — in absolute terms, at least,” WalletHub editor John Kiernan said. “When you adjust for inflation, total debt is still around $800 billion below the all-time high. But even though inflation provides a bit of a silver lining in the context of current debt levels, it’s also making the problem harder to solve.”
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