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Mounting debt has been hindering savings for many Americans.

About 71% of U.S. adults surveyed say monthly debt payments prevent them from building wealth or savings , according to a recent survey by the National Foundation for Credit Counseling . The NFCC survey of 2,010 U.S. adults was conducted by Harris Poll this spring.

Federal Reserve Bank of New York data shows credit card balances reached a collective $1.21 trillion in the second quarter of 2025 — up 2.3% from the previous quarter and in

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