Never have so many owed so much

American households are mired in debt, says David Wyss, chief economist of S&P in New York.

The American consumer continues to borrow more and more. With the US savings rate sinking into negative territory for the first time since the Depression, households took advantage of the low interest rates to buy houses, cars, and everything else. So far, consumers have ignored higher interest rates and record oil prices in their charge to buy.

When will they stop It's difficult to believe that Americans can borrow any more, but we have learned not to underrate the willingness...

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