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It's probably different in USA, but in lots of countries there is no such thing as a personal bankruptcy. So, that (once not so large) personal debt can just ke
by dragandj 10y ago
It's probably different in USA, but in lots of countries there is no such thing as a personal bankruptcy. So, that (once not so large) personal debt can just keep to weigh you down for the rest of your life, if not even worse.
- golergka 10y agoAnd personally, I think that these countries got this right. But if your debts will weigh you down, why take them?
- dragandj 10y agoExactly. And people don't, unless they are careless or have no other choice. But, that slows down the economy...
- jlgaddis 10y agoFWIW, you can't escape student loan debt in the USA -- even in bankruptcy. It is not "wiped away" and you will owe it (until it is paid, with heavy interest) forever.