One Couple’s Brutal, Infuriating Story of Debt in America

“They cashed out a $70,000 401(k) without anticipating the tax penalties of about $20,000, some of which went on, yep, a credit card” writes Newser Editors for Five years ago, they borrowed $40,000 from Kate’s parents and paid off all their credit card debt—then built it right back up.They’re broke, or, more accurately, so deeply in debt it’s staggering.The two, 48 and 46, respectively, have three kids, work in insurance, make upwards of $160,000 combined, and “have an insurmountable amount of debt.”.

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