User Tag List

Results 1 to 6 of 6

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

  1. #1
    Alumni Member & VIP V.I.P Achievements:
    50000 Experience PointsTagger Second ClassCreated Blog entrySocialVeteran
    Overall activity: 47.0%

    sargentodiaz's Avatar
    Join Date
    Jan 2015
    Posts
    19,571
    Thanks
    4,815
    Thanked: 14,379
    Blog Entries
    1
    Rep Power
    21474860

    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.
    Saint Junipero Serra's Legacy - the untold stories of California
    A Soldier's Stories - Reports of news and interesting stuff

    I proudly voted for President Trump!

  2. The Following User Says Thank You to sargentodiaz For This Useful Post:

    Rutabaga (03-10-2019)

  3. #2
    Alumni Member & VIP Forum Donor
    V.I.P
    Achievements:
    50000 Experience PointsSocialRecommendation Second ClassVeteranTagger First Class
    Overall activity: 57.0%

    Rutabaga's Avatar
    Join Date
    Feb 2014
    Posts
    32,793
    Thanks
    68,761
    Thanked: 39,576
    Rep Power
    21474874
    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"


    #walkaway

  4. The Following User Says Thank You to Rutabaga For This Useful Post:

    Conservative Libertarian (03-10-2019)

  5. #3
    Alumni Member & VIP Forum Donor
    V.I.P
    Achievements:
    50000 Experience PointsSocialRecommendation Second ClassVeteranTagger First Class
    Overall activity: 57.0%

    Rutabaga's Avatar
    Join Date
    Feb 2014
    Posts
    32,793
    Thanks
    68,761
    Thanked: 39,576
    Rep Power
    21474874
    heres the reality, in the uk, if you dont pay, they take it away:

    "The nose, knows"


    #walkaway

  6. #4
    V.I.P V.I.P Achievements:
    50000 Experience Points1 year registeredSocial
    Overall activity: 16.0%

    Old Tex's Avatar
    Join Date
    Dec 2016
    Location
    Texas
    Posts
    10,571
    Thanks
    2,498
    Thanked: 12,028
    Rep Power
    21474849
    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.

  7. #5
    Alumni Member & VIP V.I.P Achievements:
    50000 Experience PointsCreated Blog entryVeteranRecommendation Second ClassTagger First Class
    Overall activity: 47.0%

    patrickt's Avatar
    Join Date
    Nov 2012
    Location
    Oaxaca, Mexico, for over twenty years. Born and raised in Memphis, TN, and worked in Colorado.
    Posts
    26,944
    Thanks
    3,244
    Thanked: 15,624
    Blog Entries
    1
    Rep Power
    21474869
    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.

  8. #6
    V.I.P V.I.P Achievements:
    50000 Experience Points1 year registeredSocial
    Overall activity: 16.0%

    Old Tex's Avatar
    Join Date
    Dec 2016
    Location
    Texas
    Posts
    10,571
    Thanks
    2,498
    Thanked: 12,028
    Rep Power
    21474849
    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.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •