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Fears for US economy grow as credit card lending reaches 9-year high

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    AMERICA'S economy is slowing while debt levels soar, in a scenario that has worrying similarities to the lead up to the financial crisis that brought the world to its knees.

    The US economy grew far less than expected in the second quarter of 2016 taking the annualised rate to just 1.2 per cent - below expectations of 2.5 per cent.

    At the same time, credit card and overdraft lending has soared to its highest level since 2007.

    In just three months around $18bilion (£14bn) of credit card debts have been issued data showed, prompting fears lenders could soon find themselves swamped with loans that could go bad if the economy continues to deteriorate.
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