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Bad Debts


This story appears in the July 1996 issue of Entrepreneur. Subscribe »

An estimated 10 million Americans could soon fall into a financial abyss because of a condition many people don't even consider to be a problem: indebtedness. According to Terrell Hayes, a researcher at Vanderbilt University in Nashville, Tennessee, at least that many people have a potential problem with debt.

"Debt is not viewed as a legitimate problem. The phenomenon is comparable to where alcoholism was 50 years ago," says Hayes.

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