Average American Household Has $90,000 In Debt

http://thomasdishaw.com/2016/06/average-american-household-90000-debt/

The US economy will soon explode. In addition to the incredibly huge external debt, on average, every family has a crazy debt. In fact, the United States - the country bankrupt.

What happens when the well-being of illusion melts like a mirage, we all know on example of other countries of the bankrupt:
The decline in production - increase in unemployment - the growth of crime - a war of gangs - racial conflicts - the parade of sovereignties - the Civil War - the United States collapse.
You can look at the example of Ukraine.

What do you think about it?

 

External debt/GDP

United States $17,260,000,000,000 / $17,950,000,000,000

United Kingdom $9,219,000,000,000 / $2,679,000,000,000

I think if GB can handle an external debt equal to more than 3 times that of GDP, we can handle ours.

 

I think Brexit just made it real hard for GB to handle its external debt. BUT, we all have to have our little moral victories.

 

The average American household also has 1 vehicle per family member of driving age, a television in every bedroom/living room, a smart phone for ever member of the household, at least one form of gaming console, wifi internet, cable or satellite tv, and a stocked refrigerator with more food in a week then most people across the globe eat in a month. The average American lives better then most of the above average people in many other countries. Our poorest class is considered middle class to half the world. I'll take the debt.

 

When in trouble, when in doubt
Run in circles scream and shout.

That's my plan, anyway.

 

A heck of a lot of people get food stamps....
1 minimum wage isn't enough to make a living...
Oh yeah... works excellent

 

The US is sixth in the world in average household debt.

 

A heck of a lot of people thought the world starve on a daily basis and would literally kill you just to have a chance at a getting food stamps. The standard of living for Americans living on minimum wage is the equivalent to what over half the world considers middle class. Even the people that make minimum wage have the majority of the things I just listed.

I'd say it's working pretty *******n well.

 

I agree and this can be laid at the hands of bankers who lobbied very hard to rid us of usury laws and restrictions upon lending. Up until the mid-80s, a credit card was hard to come by. Then, it seemed like everyone was getting credit cards in the mail constantly. This has been a long time coming and when you combine stagnant wages with rentier policies, you get what we have today. Welcome to the world of financial services....

 

Home mortgages and car payments are not unusual and not a sign of too much debt. Also it all depends on income to debt ratio.

 

Those poor Americans with mortgage debt living in those beautiful homes. I'm sure they'd rather live in a dreary, roach-infested apartment in a Russian slum.

 

Other than student loan debt the US is on par or better than most developed countries. As has already been stated the seriously huge "lion's share" of US (and any other modern country) is mortgage debt. The Student Loan debt is a different matter and is a problem, but like usual the post basically takes any term that can be found and twists it into an "America is dying" thread.

When comparing the successful economies of Western Europe to to that Russia it is blatantly obvious why Russian debt is so low. Mortgage debt there and in the US is 70% ish of personal debt per capita. In Russia that number is massively diluted since mortgages just arent as big a thing. First of all Russians see "interest payments" as unfair and making you a "slave" to the banking masters.

On that note, why is Russias debt per capita so low? Obvious answer, they dont do mortgages like the rest of the developed world.

http://rbth.com/business/2013/08/29/mortgage_debt_20_times_lower_in_russia_29321.html

"Another reason for the low share of mortgage debt is its inaccessibility. The availability of mortgages is much lower for the average Russian citizen than it is in Europe, due to the lower level of income and property values, says Andrei Maltsev, deputy chair of Nordea Bank.

European banks offer lower costs of resource base and longer terms of funding, and therefore mortgages are cheaper, explains Pyatkov.

The article goes on to talk about how Europe was similar to Russia as it was beginning. "...Europe went through the same path of development..."

The article finishes by saying mortgages will dramatically increase as Russia's economy matures but the economy first needs "cheaper money".

In other words, overall false thread.

 

Americans always want more than they can afford just to create the image that they have what their neighbor has. It's ridiculous.

Live a conservative lifestyle and this problem would go away..

 

I have more then I can afford and I don't give half a (*)(*)(*)(*) what my neighbor has or doesn't have. Explain that?

And why do that when I can... Not... do that?

 

Naturally. Anyone who took the money in the debt, can buy all of the above you. But whether such a person rich?

 

In US slums worse.

 

Who cares about being rich? I am far from rich and I am content with my life. Money nowadays is nothing more then paper and digital code anyway.

 

You made me laugh. In Russia, people live on what earned. In Russia, historically taking debt - bad. Therefore, Russian spit on sanctions and attempts to hit the Russian economy. (By the way, you know that the population of Russia is most afraid of the lifting of sanctions?)
Do you know why Russia and China has not yet destroyed the US economy? They need a little more time - to the economic explosion in the United States is not reflected in those countries.
China smoothly into domestic consumption. With 1.5 billion people and subject to the transition to domestic consumption - China can spit on the United States.
Russia basically already could do without the US and the EU, but of course there will be problems. So take a little time. I think that in 5 years (preferably 10 years of course) Russia and China will begin to gradually pierce the US economic bubble.
But ... I can see that the US bubble - burst earlier.

For example last year, you could not believe that Britain will leave the EU. But we see it today.

 

You know what I mean. Is not it? .... Or .... what is your IQ?

 

If show off can shine, the US would have shone like the sun.

 

I don't get it personally. I can't imagine the stress of being in debt. My husband and I simply don't buy things we can't afford.

I remember the first house my husband and I owned. We didn't have furniture in half the rooms for years because we didn't have the cash to buy it and we won't finance anything...ever. If we don't have the cash to buy something...we simply don't buy it. To us, debt is an embarrassment. We don't give a rat's butt what anyone else has or what they think of us. We have a great lifestyle and zero money stress ever.

And we've worked really hard to pass those values onto our children. The last thing I wanted to raise was spoiled little entitled brats who don't understand the value of a hard work ethic. My girls won't be living off anyone but themselves.

But there is a huge generational gap partially to blame for this. Parents have indulged their kids, bought them everything and not taught them about money in the same way my generation was taught.

I watch so many young people leaving school with massive debt. Then having these elaborate, crazy expensive weddings with expensive jewellery and honeymoons...then buying cars and fully furnished homes. Its just nuts. I recently talked to a young woman at my company who is constantly under stress about debt but who told me that she MUST go on vacation at least once a year. Seriously?!? She also gets her nails and hair done, gets massages, gym memberships, etc...and actually thinks those are just normal expenses.

I remember telling her that my wedding cost about $75 bucks and she put her hand on my arm and said "awww, I'm sorry." I literally started laughing. I was going to explain to her that weddings are about marriage vows and not pageants to show off to your friends but I realized it was pointless.

I know that there are some people that are in debt due to unfortunate life circumstances and those people certainly have my empathy. But to all the others who just live lives that they can't afford, I have no sympathy.

 

Russia's economy colapsing.

price of oil still very low.

NATO sanctions still hurting Russia.

Russia enacting new Fascist legislation.

Turkey now refuses to compensate Russia for shooting down their terrorist fighter jet.

what do u think?

 

If you paid off everybody's debt, by this time next year the average household debt would $90,000 again.

 

I admire you. You are absolutely right..... But unfortunately, these smart as you are very few in the United States. Therefore, the United States has the largest debt in the history of mankind.

 

https://en.wikipedia.org/wiki/Paranoia