4 ms·
In a country with a GDP per capita (not per adult, to be clear - this includes non-adults) of around $50k, why would you feel that's terrifying?
by arbuge 10y ago
In a country with a GDP per capita (not per adult, to be clear - this includes non-adults) of around $50k, why would you feel that's terrifying?
- klodolph 10y agoBecause we know that wealth is distributed unequally, and that a scrupulous individual earning $35k gross might have a cash flow under $1k.
- ptaipale 10y agoThe debt is also distributed unequally. Mostly so that those who have more wealth, have also more debt (though not 1:1 of course).
- dionidium 10y agoOn unsecured credit cards? I doubt it.
- morgante 10y agoWealthier people are the ones who have unsecured credit cards. Banks apparently have no problem giving me a limit of $50k without any sort of collateral, but my dad can't get a credit card without depositing his entire limit.
- dionidium 10y agoI was given an unreasonable amount of unsecured credit when I turned 18, by virtue, apparently, of the fact that I was now 18. It certainly wasn't because I had any stable income or assets.
- morgante 10y agoMy point was that larger credit limits typically come on unsecured cards, not secured ones. For example, I can get a $20k limit card. It's pretty unlikely that you can get a secured card with a $20k limit.
- some-guy 10y agoIt's not the amount by itself, it's the ridiculous interest rates on top of the amount.
- gozur88 10y agoBut how much of that debt will be retired without paying any interest? My cards have something like an 18% APR, but I've never paid a penny.