Lawmakers ignore economic consequences of consumer and student debt
Federal deficit hawks in Congress, driven by ideology and the campaign donations of, for lack of a better term, millionaires and billionaires, held yet another hearing last week about the national debt — but U.S. lawmakers continue to ignore the debt that is causing real trouble for the nation.
The debt danger Americans should really worry about comes from credit cards and student loans.
Personal finance website WalletHub reported that U.S. consumers added $34.4 billion of credit card debt in the second quarter of 2016 alone, equal to nearly half the overall total in 2015 and almost matching the $36 billion for all of 2012.
Credit card debt is likely to show a net increase of $80 billion in 2016, WalletHub...