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Thread: The World's Biggest Debt Slaves: Americans Wimp Out In Just 11th Place

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    sargentodiaz's Avatar
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    The World's Biggest Debt Slaves: Americans Wimp Out In Just 11th Place

    I thought wed be in 1st place by a wide margin. But, according to Bank for International Settlements were not.
    Switzerland is #1 with Canada 6th. Mexico only has a 16% of GDP debt.
    Americans are infamous for their eagerness to spend money they dont have. A whole industry has grown up around making that happen, from payday lenders to the government that guarantees or insures a large portion of the mortgages so that lenders and investors dont have to carry the risk. Consumer debt is turned into asset-backed securities, from government-guaranteed mortgage-backed securities to subprime-auto-loan-backed securities whose top tranches carry an AA-rating or even a AAA-rating.
    It all worked out. But then came the moment when Americans deleveraged, mostly by defaulting on their debts, particularly their mortgage debts, which triggered the US Financial Crisis and then the Global Financial Crisis. The world should have learned a lesson, but no. Who has learned a lesson? American consumers whose household debt in relationship to US GDP has continued to decline.
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    Rutabaga (03-10-2019)

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    i was talking to a brit the other day, and she touted as a benefit of living in the uk is she can get loans without credit and file for bankruptcy instead of repayment.




    i'm not kidding...
    "The nose, knows"


    "We Must Secure the Existence of our People and a Future for White Children".

    #walkaway

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    Conservative Libertarian (03-10-2019)

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    heres the reality, in the uk, if you dont pay, they take it away:

    "The nose, knows"


    "We Must Secure the Existence of our People and a Future for White Children".

    #walkaway

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    The World's Biggest Debt Slaves:

    I hate, hate, hate that phrase. It has an implication that I believe is totally wrong. For the most part American's spend themselves into debt needlessly. We buy more crap that we have to have which is more of an example of living a lifestyle that we can't afford. Comparing that to a debt slave is like complaining that your foot keep hurting after you kick a concrete wall. We do it to ourselves. Just look around, what 25 year old doesn't have an expensive cell phone or cable (or dish) tv. If we get a 25 dollar a month raise we run right out & sign a contract to spend $50 more a month. We are just foolish with money & we have passed that on to our kids.

    As for those other countries, what do you expect. They are letting the government supply them with free stuff & government mismanagement is the norm.

    I had over $100,000 dollars saved for retirement before I got my first cable tv. I had over $200,000 saved for retirement before my wife bought our first (cheap) cell phone. Now don't get me wrong, I believe everyone should be in charge of spending the money they earn as they see fit. But don't complain about being a debt slave if you spend over $2,000 a year for a phone or $2,000 a year for cable tv. That $400 per month invested over time can make you wealthy.
    Last edited by Old Tex; 03-10-2019 at 02:14 PM.

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    And we elected a president who is proud of being known as the "King of Debt".


    I readily admit that's better than electing a president, twice, who hates America.

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    Patrickt he's right. Some people do make a hell of a lot of money by going into debt. While I'm way to conservative to take those kinds of risk's I do understand how they do it. There is both good debt & bad debt. Sadly most people that I've seen in life are into racking up bad debt rather than good debt.

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