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Medical bills in collections rocket by staggering amounts

Amount of debt has risen 16% in 10 years and is threatening to swamp us

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As Americans we are contending with a staggering amount of debt that threatens to swamp many of us. The amount of money that people owe on borrowed money has risen by a strong 16% over the past decade—and the degree of debt already was concerning 10 years ago.

The biggest jump has been in car loans. The amount owing on them has skyrocketed by 71%. Auto loans are followed by student loan debt, which is up by a disturbing 56%. Mortgage debt is up 14%. Surprisingly, however, credit-card debt has grown by only 4% over the last 10 years.

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