The City of Detroit is bankrupt! So what? The United States has passed its debt ceiling. So what? You might be surprised that you are not the only one who might be heavily indebted. In fact, governments are steeped in debt. Financial experts believe that global debt levels have never been higher.
High Global Debt
Americans rise and fall with their governments. That really shouldn’t be a surprise. Most people don’t know it, but their credit rating is tied directly to the United States federal government. If the United States federal government has a lower credit rating, then none of the citizens can have a higher credit rating than the federal government. Sad, but true.
In 2017, the global debt level reached a record $US237 trillion, according to the Business Insider. Whatever happened to that recovery? Didn’t the banker bailout of 2008 make everything copacetic? Zerohedge pointed out that the 2016 new global debt level was 325% of the global gross domestic product. How exactly is the world going to repay that debt? Does anyone have a plan?
Leaving Michigan
It is kind of sad that many people don’t really know their own history. Do you know which American city used to be #1 in terms of per capita? Detroit, Michigan. Zerohedge explains – “Once upon a time, the city of Detroit was a teeming metropolis of 1.8 million people and it had the highest per capita income in the United States.” Now, the population is down to 700,000.
Misery Loves Company
If you are drowning in debt, then you are in good company. You can say that you played follow the leader. Of course, most bankers don’t have a very good sense of humor when you can’t pay your bills. Perhaps, you could contact experts like the Turn Around Pros Debt Advisors. They understand that debt is becoming a serious problem for all. They know real ways for you to get out of debt. You might not be able to go it alone. Debt is dragging down the entire world. Global debt levels have never been higher and bad credit is becoming the standard.
Debt Won’t Vanish
If governments cannot pay their bills, how can you? The sad thing is that all high schools should teach their students about credit card debt. Don’t you agree? That is one of the essential parts of life that everyone must deal with. Due to the high debt levels, there are more resources to help you out. The bankers don’t benefit when you can’t pay your debt.
You might be able to reach an agreement. That is what many governments are doing. The state of Detroit is truly sad. It just shows how debt can ruin your life. Detroit went from #1 per capita to becoming a wasteland. If you have high debt, then find someone who can help you find a reasonable solution. You might not be able to go it alone.
