Breakdown of world debt by country. According to the IMF, total debt is $63 trillion, and the US is responsible for nearly one third of that amount. https://goo.gl/tH8q54 pic.twitter.com/KT91B9EQEJ
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Thanks for the article. The last bit was interesting; it sounds as though our tax laws incentivise borrowing over ownership, effectively encouraging people to take on debt. Runs contrary to how I was brought up.
Yes, I've often heard that credit companies actually *want* you to be in debt, because they get credited with higher interest as a result, regardless of if you pay it back. This might explain why it's so easy to get a credit card even if you have a bad credit history.
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