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National debt. learn to live with it

ricksfolly

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Every country in the western world has a national debt, and based on our GDP and population, ours is the smallest. It's a burden we're all familiar with, but rarely think about. Personal debts are by far our biggest concern.

The average total debt in 2009 (including credit cards, mortgage, home equity, student loans and more) for U.S. households with credit card debt was $54,000, and chances are, it will never be paid.

Fortunately, the national debt doesn't effect our paychecks, and there'll always be some kind of personal debt problem we can either approach responsibly or ignore.

ricksfolly
 

Lord Tammerlain

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Every country in the western world has a national debt, and based on our GDP and population, ours is the smallest. It's a burden we're all familiar with, but rarely think about. Personal debts are by far our biggest concern.

The average total debt in 2009 (including credit cards, mortgage, home equity, student loans and more) for U.S. households with credit card debt was $54,000, and chances are, it will never be paid.

Fortunately, the national debt doesn't effect our paychecks, and there'll always be some kind of personal debt problem we can either approach responsibly or ignore.

ricksfolly
US national debt is not the lowest as a % of gpd, At the end of this year, Australia, Norway, I expect Canada will have lower debt to GDP ratios. I expect the UK will still be lower, I believe Germany might be lower as well
 

American

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Do either of you two have a scrap of data to show?
 

ender1

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Every country in the western world has a national debt, and based on our GDP and population, ours is the smallest. It's a burden we're all familiar with, but rarely think about. Personal debts are by far our biggest concern.

The average total debt in 2009 (including credit cards, mortgage, home equity, student loans and more) for U.S. households with credit card debt was $54,000, and chances are, it will never be paid.

Fortunately, the national debt doesn't effect our paychecks, and there'll always be some kind of personal debt problem we can either approach responsibly or ignore.

ricksfolly

Thank you for the post. If more Americans understood the difference and the implications we would all be in a better place. I would like to have more education on this topic and how to manage debt.

We do need a small amount of National debt to offer secured bonds but not 13 Trillion. ** :(
 

SheWolf

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Thank you for the post. If more Americans understood the difference and the implications we would all be in a better place. I would like to have more education on this topic and how to manage debt.

We do need a small amount of National debt to offer secured bonds but not 13 Trillion. ** :(

I agree with you... There is always going to be some debt for loans and saving accounts. People rail against the debt, while they are contributing to it. I think we should realize that.
 
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