Credit Card Debt in America
Credit Crunch report on NBC Nightly News. Can you believe people use credit cards to pay the minimum payments on other credit cards! We are in for some major economic trouble.
The policy choices and decisions countries face as they emerge from the worst economic crisis in 80 years have a lot to do with their past habits. And to make good decisions, they need good data. The IMF staff has built a comprehensive and dynamic new database on public debt. The data covers 174 countries over a period of 120 years, and will help policymakers understand the past and chart a future course to sustainable economic growth. The data shows how government debt has risen and fallen over the years as important events, such as wars and stock market crashes, affect a country’s decisions about when to save and when to spend. It turns out the relationship between debt and economic growth has changed over time; historically, fast growing countries had low debt ratios, while slow growers struggled under higher debt. In the past 30 years that relationship has altered as advanced economies’ debt levels have risen and their economies have grown. The data also debunks some old clichés, for example that African countries have the highest debt levels. In fact, low income countries in Africa today have lower debt ratios than do advanced economies in Europe and North America.
Video Rating: 3 / 5
@villeneuves2 If it doesn’t help you advance and is not in excess – don’t buy it.
@mcline007 Not all Americans are like that. My only economic hurdles are finishing school and getting additional training. Other than that I am as frugal as I can be.
Very ignorant that they were paying one credit card with another. It’s best to start saving in your job. I am always saving because there’s no guarantee that you’ll have a job. They could let you go or fire you at any time.
I agree what they’re saying in the end: cut back, get a second job. Sometimes life happens and you get laid off, but it’s time to get back on the horse and start working somewhere. Something is better than $0.
@mcline007 Not everyone is like those people in the video. Where do you get 95% are like them? WRONG!
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Open your eyes people. These people are buying necessities on credit. I can understand your vitriol if they’re buying status symbols but in this case this couple were buying items they need from day to day. And why? Because of job loss. Let’s face it: 50 years ago the biggest private employer in North America was General Motors. And today it is Walmart. Think before you criticize people in this one instance please!
They should’ve bought some condoms with those credit cards. With so much of debt, this is not a good time to have a baby.
They should have two more babies to help pay for the first two.
stupidity rules the U.S…pizza being bought on credit cards…i have seen GUM…CHEWING GUM!..put on cards…BEER..what is wrong with you people…AMERICA IS DONE! The credit card debt is only going to get worse..im sorry to say that but its’ true…all you see is credit card use..hardly any cash used anymore..CASHLESS SOCIETY IS THE END…FACT.
like government like people.
Credit is a trap. Spending money on credit is like making a deal with the devil. What you’re basically doing is living on someone else’s dime. When it comes time to pay, you’ll pay far more than what you spent.
That, in a nutshell, is what causes recession. People spend money on the past instead of having it to spend on the future.
Gloria and Stew should go on diets.
@mcline007 truth is an offense not a sin. well said!
Hmmm, maybe you shouldn’t be having kids when you are broke? Oh well
@G1SpaceDoll so when you apply for a credit card…usually a form you fill out….how does the credit card company know what color you are?
@GunsOfThePhoenix the thing is…..if you ever expect to buy a home you will need to build up a good credit history….and that means having credit cards
@mcline007 you are correct to an extent. There are not many Americans left that remember the Great Depression and the lessons to be learned from it. My father grew up in the depression and drilled it into my head to “save money at all cost”…..live below your means and don’t go into debt. …but…..the younger generation never learned these old lessons. Another problem is that credit cards are far to easy to obtain. Years ago it was not easy for anyone to get a credit card
@onecoolgreek
Or you could avoid being an irresponsible pussy and get a fucking job or two.
Get rid of cable/satellite tv, get rid of your cell phones, get rid of your kids cell phones.
Stop eating out and buying soda and booze, stop smoking.
Stop buying the stupid stuff that you can’t afford!
Once you get your financial shit together you can enjoy those completely and utterly unnecessary luxuries…
By the way, try to be a man of your word and maybe people will respect you.
@maddogy4645 Funny isn’t it?
@GunsOfThePhoenix It’s sad how many people don’t understand that
The best thing is to not have a credit card at all, my philosophy: If you don’t have the money then don’t buy it.
Slobs
Credit Card companies target African Americans differently from other races. They are predatory in given unfair and higher interest rates to blacks, then other races. WAKE UP AMERICA, NO MATTER WHAT RACE YOU ARE, WE MUST WORK ON GETTING OUT OF DEBT. TAKE BACK YOUR COUNTRY FROM THE BANKS. THE BORROWER IS A SLAVE TO THE LENDER. 70 % OF AMERICANS LIVE PAY CHECK TO PAY CHECK. ONCE THEY ARE LEGAL HISPANICS ARE THE NEXT TO BE THE DEBT STRICKEN PEOPLE THAT ARE GOING TO SINK. LETS TAKE THE COUNTRY BACK.
Why the hell are they having another kid in the middle of financial calamity?
For god sakes, you Americans (95 %) are fools. You are like rich kids that spend money like rock stars because you have not ever seen and feel what poverty is like. We immigrants are making more money and getting more education that you on your own country. You simply have to learn to buy smart and save money but instead you people just leak cash like a broken pipe leaks water.
Sorry but it is the truth
If we didn’t spend more in interest on debt than the original principal we could pay for pensions and other programs, why do we need to debt based money when a country can issue it’s own currency interest free. Canada did this until the mid 70′s. Up until that time our debt was fairly stable but once we started borrowing money from private institutions our debt has increasingly risen with out looking back.
What else to do?