not wonder why FinFacts talks about everyone else by themselves...
we mean really, are they broke..?
So..., explain to U.S. why Germany and France - yes France - are not digging themselves deeper in debt?
What IS important, however, is the argument that we - you and U.S. - have eliminated much more of our debts by eliminating [y]our mortgage debts.
What that is saying another way is that we all have been doing a a "strategic default" on our homes.
Some of U.S. still carry it on our books...
...delay and pretend...?
Some of U.S. have written it off.
Are we ALL acting like "bankers", now?
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US consumers are cutting debt via default not thrift
The Federal Reserve reported last week in its flow of funds statement that US household debt contracted at an annual rate of 2½% in the first quarter, the seventh consecutive quarter of decline. Home mortgage debt fell at an annual rate of 3¾%, a significantly faster decline than in the fourth quarter, while consumer credit contracted at an annual rate of 1½%.
since household debt hit its peak in early 2008, banks have charged off a total of about $210bn in mortgage and consumer loans, including credit cards. If one assumes that investors suffered at least that much in losses on similar loans that banks packaged and sold as securities (a very conservative assumption), then the total -- that is, the amount of debt consumers shed through defaults - - comes to much more than $400 billion.
http://www.finfacts.ie/
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