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In the US, you can also declare bankruptcy and wipe out almost all debt (except punitive debt). In some countries, debt follows you forever and even gets passe
by whiskyant 5y ago
In the US, you can also declare bankruptcy and wipe out almost all debt (except punitive debt).
In some countries, debt follows you forever and even gets passed to your family when you die.
- bitcharmer 5y agoI'd rather live in a system without the institution of bankruptcy and enjoy life with almost zero risk of this happening. If you're an average American you start getting into debt very early in your life. This is not how young people should be entering adult lives. What you Americans think is normal, really isn't.
- vivekd 5y agonot american, canadian, but it' hard to avoid it here, most people wouldn't tbe able to get a car, university education or home without some form of debt. It does have a very negative impact on our society I'll admit that It's normal for people here to enter their adult lives with between 20 to 80 k of debt from university
- frockington1 5y agoIt's also what propels Americans into a higher standard of living than anywhere else. At a young age I bought a couple investment properties with an enormous amount of debt. Now I'm living a very nice life with little to worry about. Debt is a tool just like a hammer is. Don't be yourself in the head with it, use it to make your life better
- bitcharmer 5y ago> higher standard of living than anywhere else. Have you by any chance heard of places like Switzerland or Monaco? Even Germany beats USA in terms of poverty and malnutrition among children.
- martin8412 5y agoStandard of living isn’t really comparable between people. Most people in Western Europe live really nice lives without the need to buy pointless junk