Fatigay 21,237 Posted October 16, 2016 Share Posted October 16, 2016 3 hours ago, OBEY said: Glad to have no debts to my active (yet) 3 hours ago, Economy said: Same Same Link to post Share on other sites More sharing options...
Economy 53,158 Posted October 16, 2016 Author Share Posted October 16, 2016 11 minutes ago, ChaosAngelX69 said: Is this bad Yes. But interest rates are low so the situation is stable for now Link to post Share on other sites More sharing options...
Luc 4,776 Posted October 16, 2016 Share Posted October 16, 2016 I really can't imagine having so many debts though... like, the average person has like 50k debt??? How is that possible! Tip for all: only ever lend money for a mortgage. You really shouldn't lend for a car or other luxury goods. I know this doesn't count for the real bottom 10%, but most are able to live a sober life with what they earn. It's not responsible to lend too much. Link to post Share on other sites More sharing options...
LadyGagasGodSon 413 Posted October 16, 2016 Share Posted October 16, 2016 And that's probably accounting only official bank statements or something cause like my family/relatives love to borrow/lend money from/to each other. Like home down payment kind of money lol and those go under the radar I don't know much about this kind of stuff but could this also be related to the rise of student loans and unemployment for recent university grads? I'm really lucky to not have borrowed a loan for uni, most of my friends owe so much and they just keep dragging their years in uni so as not to pay right away but then it just piles up more and no one seems to want to do an entry level job after earning a degree. I know I didn't You are small men. You are not worthy to rule the Dothraki. Link to post Share on other sites More sharing options...
Economy 53,158 Posted October 16, 2016 Author Share Posted October 16, 2016 2 hours ago, Luc said: I really can't imagine having so many debts though... like, the average person has like 50k debt??? How is that possible! Tip for all: only ever lend money for a mortgage. You really shouldn't lend for a car or other luxury goods. I know this doesn't count for the real bottom 10%, but most are able to live a sober life with what they earn. It's not responsible to lend too much. I dunno how... Excluding mortgage debt... people also have a lot of credit card and car loan debt Here its also popular to take vacations in the winter somewhere tropical in a resort and if u cant afford it many people put it on credit. This usually right after christmas shopping when ppl are already broke Link to post Share on other sites More sharing options...
Luc 4,776 Posted October 17, 2016 Share Posted October 17, 2016 4 minutes ago, Economy said: I dunno how... Excluding mortgage debt... people also have a lot of credit card and car loan debt Here its also popular to take vacations in the winter somewhere tropical in a resort and if u cant afford it many people put it on credit. This usually right after christmas shopping when ppl are already broke That's not smart at all... I know you already do this but people need to be taught that you have to save a small portion of your income every month.. I can understand lending for a house or studying (including living expenses while studying), but one should never do that for a trip, going out and luxury goods in general! I can understand in some places like the US where a car is an absolute necessity you'd also lend for that, but it's not at all understandable for other things... Link to post Share on other sites More sharing options...
Smarticle 3,178 Posted October 17, 2016 Share Posted October 17, 2016 Time to live in my parent's house the rest of my life Justice for Grigio Girls!!! Link to post Share on other sites More sharing options...
Thomas P 18,479 Posted October 17, 2016 Share Posted October 17, 2016 I'm Canadian how will this affect me I’m a simple guy to please, if you like Melodrama, we chill. Link to post Share on other sites More sharing options...
juicyjuicy 2,006 Posted October 17, 2016 Share Posted October 17, 2016 How crazy...damn. Housing prices are insane. Link to post Share on other sites More sharing options...
Luc 4,776 Posted October 17, 2016 Share Posted October 17, 2016 10 hours ago, Thomas P said: I'm Canadian how will this affect me Do you have any debts? Yes -> you're part of the problem No -> high private debt increases the likelihood of a financial crisis and recession, and it also makes people reluctant to make big purchases, meaning you're more likely to become unemployed in the future as a result of this as soon as the bubble bursts. Neo-liberalism meanwhile the countries with low private debt are funnily the ones with high public debt (southern Europe). Link to post Share on other sites More sharing options...
Leaf 2,429 Posted October 17, 2016 Share Posted October 17, 2016 https://www.theguardian.com/world/video/2015/nov/05/canada-justin-trudeau-introduces-new-gender-equal-cabinet-video Link to post Share on other sites More sharing options...
Thomas P 18,479 Posted October 17, 2016 Share Posted October 17, 2016 5 minutes ago, Luc said: Do you have any debts? Yes -> you're part of the problem No -> high private debt increases the likelihood of a financial crisis and recession, and it also makes people reluctant to make big purchases, meaning you're more likely to become unemployed in the future as a result of this as soon as the bubble bursts. Neo-liberalism meanwhile the countries with low private debt are funnily the ones with high public debt (southern Europe). Excuse me what? I got nothing out of that. I’m a simple guy to please, if you like Melodrama, we chill. Link to post Share on other sites More sharing options...
Lord Temptation 11,209 Posted October 17, 2016 Share Posted October 17, 2016 Every action has an equal and opposite reaction. We all need to be accountable for our actions. Link to post Share on other sites More sharing options...
kevinthesheep 2,947 Posted October 17, 2016 Share Posted October 17, 2016 how does this eventually fix itself? i really don't understand the economy... can debt just keep rising and rising? what happens when it gets too high? Link to post Share on other sites More sharing options...
Luc 4,776 Posted October 17, 2016 Share Posted October 17, 2016 23 minutes ago, Thomas P said: Excuse me what? I got nothing out of that. High private debt in a country -> (possibly) financial crisis -> high unemployment, stagnating wages and stagnating purchasing power that's what I understood from a few articles. I have no degree in economics so correct me if I'm wrong. Link to post Share on other sites More sharing options...
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