I ask this because a few months ago I had about ,500 in credit card debt at about 9% interest. I thought this was a lot. Then I read that the average American has credit card debt in the amounts of 2x-10x what I have here, and at double the interest rate.
Why are Americans willing to borrow so much? Does this correlate to the national savings average being a negative percent? And lastly, once everyone is totally broke and so far in debt that they can never pay it off, who is going to foot the bill in the end? For the record, I am an American, living in America. I have no idea how anybody got the impression that I wasn’t from America.
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