Quote:
Originally Posted by Skybird
The US is not alone in the debt-making business, though. It just is the biggest, most dependent and effectinbg others as well offender. In %, Britain and Japan are much worse off.
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Japan is the biggest in the world. I believe that Germany is the biggest in Europe.
I hear here in Australia that they are worried about the level of debt Australia has accrued, but as a % it's still one of the smallest around in the developed world and is managed reasonably well.
Guess we are lucky to a degree. Many retailers are screaming that people aren't buying from them any more, instead shopping on line or going overseas on trips to buy goods. But the reserve bank doesn't care, people are saving again, credit card growth has almost halted and people are living within their means. Even with low unemployment and good wage growth, people are paying off debts and avoiding accruing new ones.