"You load sixteen tons, and whaddya get/Another day older and deeper in debt…"*

Most Americans could be singing right along with Tennessee Ernie Ford on that song because they're carrying a humongous load of debt just on their credit cards—more than a trillion dollars, according to a WalletHub report.

It's affecting such things as the milestones in the lives of young people -- delaying formerly normal activities as moving out, buying a home, getting married or having kids. And it's affecting older people's hoped-for retirement at the end of a career.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.