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Sime very interesting points of view
First, are people really around 100% more in debt than what they're worth? According to your graph that's what it looks like. Who would be that crazy? I know that my car is worth 20% less once I drive it off the lot and that we all use lines of credit - but are that many people over-using it? While I do have money owned on plastic I'm still being offered and using 0% (plus a 2% transfer fee) interest on credit cards thus that's acceptable borrowing costs for us, but I don't make minimum payments either. I use borrowed money short term only. Meanwhile I really do own over 60% of my house plus of course retirement and savings. Did everyone keep blowing money like there was no tomorrow? After reading this, I'm starting to wonder if there is. I'd also like to see how people will somehow dig themselves out from the piles of debt within 3 to 5 years. That simply doesn't add up. We're talking about a lot of debt that's going to takes years before it's off the books. Our nation is in the toilet. I'm using two-ply for my tears.
Posted by bobinmo1
27th Nov 2011