Friends from all over the world, I need your input! Please let me know what country you’re from and what debt situation is. Are people taking on MASSIVE mortgages and credit card debt? Or does everyone pay for everything in cash and no debt?
There is a lie you’ve been told which continues to be repeated: There is no such thing as too much debt, as long as it can be serviced. The reason this is a lie is not because large sums of debt are impossible to service, it’s that a fairly large percentage of people generally can’t pay their bills. But it hurts to say that, so we just sweep that data under the rug. Somehow that makes everything ok. Or does it?
Bill Payments By Americans: Cash-Strapped Americans Are Leveraging Their Homes To Pay The Bills
Survey: Home Improvements Best Reason To Tap Home Equity | Bankrate.com
Debt service indicators of households, national balance sheet accounts
Debt Burdens Are Eating Up a Growing Share of Canadian Incomes – Bloomberg
More older Americans are “unretiring” – CBS News