is everybody in the world in debt?

Question

all im seeing on tv is adds for debt busters etc they must be getting a lot of response or they wouldnt be advertising so much

Answer 1

No.... im not in debt (in money)..(ok.... maybe to my parents)...im still in school!!!

Answer 2

I'm not. I used to be but at the moment, I do not owe a cent to anyone.

I own a house - free and clear, no mortgage. I own a car, no loan. And I have money invested.

It's hard work to get there but anyone can do it. I don't have a high income. I just decided about 15 years ago that buying that new pair of shoes wasn't as important and paying off credit cards and I could live without some of the junk I had been buying.

In 15 years, I've paid off a mortgage, bought a new car and I do not pay for anything over time. I have two credit cards which I use all the time. I pay them off when the bill comes. If I don't have the money for a big ticket item, like a new TV or something, I save until I do. I never ever pay interest. Paying my house off probably saved me over $100,000 in interest that I would have paid out in interest if I'd just made the monthly payments and paid it off in 30 years. People don't realize that the first 20 years or so of a 30 year loan is mostly interest that you're giving to the bank.

Answer 3

Well when Congress passed the Bankruptcy "Reform" they also removed controls for banks on interest rates.

So lots of people are losing their jobs, then their house payment doubles, then they are late on the credit card payment and voila' they are expected to pay upwards of 40% interest plus two percent of their debt everymonth.

And they can't, so that is where Debt Busters come in.

All in the name of Prada bags and Armani suits (which make other countries rich, not ours).

Crash is coming fast, hang on!

Answer 4

i think you have asked a two-part question which others failed to comprehend. one is a philosophical part and the other is the practical one, of being neck-deep (again an expression) in debt that you need professional help to come out. the first question, is everybody in the world is in debt? the answer is Yes, irrespective of whether you are in a shanty town or in the poshest area of the world. when you are born, your government allots a share of its debt burden on you. that is, you are part-respondent for the national debt the govt owes to its creditors. the second part of debt is what you incur during your lifetime while in the business of living. those who borrow within their means, this is a blessing but for those who borrow beyond their means (of repayment) the economy has generated a new form of employment - debt collectors who are gainfully employed to collect bad debts.

Answer 5

being in debt is only up to you, how much or how little. if you are living above your means, debt is part of your life. but if you get rid of those credit cards, you've stopped the problem from getting worse. when seeing something you want, if you can't buy it with cash, that means you can't afford it.

Answer 6

Most people in the world are, If they have any thing. Like Home, Car, Costly goods. Few people are born rich or ever become rich.

Answer 7

i think people are in debt now more than ever including myself its an expensive world to live in at the moment.

Answer 8

Atleast most of them are because in todays world living to make a living itself is a very costly affair.

Answer 9

It sounds that way.
There are a few not in debt though, as I have herd this comment b4.
Where does the blame lay?

Answer 10

Yes, either financially or emotionally.