Household debt as a percentage of personal income
While much attention has been made of our national debt, many also personally have piled on debt, especially since 2000. Now for the very first time, consumers have been deleveraging – and at a quick pace. But still, most of us are still highly leveraged with credit cards, mortgages, and car loans. We lived beyond our means – and are literally paying for those past excesses now.
With their millionaire statuses and top 5% income levels (or better), perhaps their intransigence in having government follow suit is because they themselves have not had such problems? Or that their incomes are ALWAYS sufficient to cover their debt, so no need to understand what most are going through?
Just wondering….
(H/T: Business Insider)
