Debt hell for middle class Victorians are taking out as many as 12 credit cards at a time and using all of them at once, as their personal debts spiral out of control. Oh, those Australians. Here’s more:Personal Debt Runs Out Of Control in Britain » Netscape.com
Personal Debt Out Of Control; U.S. Economy Awash in Debt
Canadians' Personal Debt at Historic Level
In contrast to the UK's insatiable appetite for credit, many major European countries have a culture of saving, and some, such as France and Germany, are particularly debt adverse.
Why can they do it and we can’t?
Why can they do it and we can’t?
Maybe because they have some confidence that their governments won't steal it? Maybe because they don't have income tax deducted at source and so there is some opportunity for less than full recovery of tax? There's a reason why the City of London always targetted bearer bonds at Belgian (French, German) dentists.
ReplyDeleteSeriously, you have to be nuts to save in Britain. Inheritance tax is set so low it now captures any estate with a house in it. Better to go SKI-ing (Spending the Kids' Inheritance) than to leave it to Gordon to squander.