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Trump's America Faces $13 Trillion Consumer Debt Pain: Graphic

Since the 2008 financial crisis, the Federal Reserve has kept rates low to encourage companies and consumers to borrow more and spur economic growth. As of the first quarter of this year, household borrowings have surged to a record $12.73 trillion, and the percentage of debt that is overdue has risen for two consecutive quarters. Much of the gains since 2012 have come from student loans, auto debt and credit cards. Over that time, wage growth has averaged around 2.2 percent a year, and the pace has been slowing for much of this year.