Up to your eyeballs in debt? You're not alone. Americans are in hock. See how bad it is and what you can do about it. A collector's decision to forgive a debt won't shield you from a the big tax bill that will follow. The flood of consumer spending in the last 20 years hasn't come without a price: massive debt. Using credit cards wisely -- whether it's one or 15 -- is the key to improving the credit score. See rates from our national survey of mortgages, home equity loans, auto loans, credit cards and CDs.
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In many ways this is unsurprising. Higher earners are offered more credit and can consequently run up very large debts if things spiral out of control. What this shows is that debt is not a problem that is confined to a particular class, no matter what the popular perception may be. No one thinks of debt as being a middle class problem, but with so much middle class wealth invested in suddenly unstable housing market, it hasn’t taken much to put some people into a very difficult position. Debt is often caused by unforeseen circumstances, but is also frequently caused by people living beyond their means on cheap and easy credit
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