Money Quote Friday – American Debt Edition.

Did you know that Americans owe $850 billion in credit card while the world’s 54 poorest countries owe only $412 billion in foreign debt? Seems we might have a spending problem….

“The holy passion of friendship is so sweet and steady and loyal and enduring in nature that it will last through a whole lifetime, if not asked to lend money.” – Mark Twain

I am always hesitant to lend money to friends for anything other than emergency situations…I don’t want it to ruin a friendship. But if you have an emergency, I will be the first one there!

Hope everyone has a great weekend!

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Comments (3)

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  1. I’m not surprised about the credit cards. Heck, there’s almost nothing you can tell me about Americans and credit card problems that I wouldn’t believe. It’s not too hard considering how secretive the card companies are themselves about their own rules.

    Take for example the work I do, for the Merchants Payments Coalition — the issue is the interchange fee, which is a long story, but you can read about on our website, UnfairCreditCardFees.com. Visa and MasterCard have fought any attempt to release the agreements merchants have to sign with them. Not only that, but merchants can’t add a surcharge per item, that violates the rules too. But they can’t tell their customers about the rule!

    It’s bizarre. Things might be changing, but I bet it’ll still be ridiculous no matter what.

  2. Pat Veretto says:

    I never lend money any more. When people are in a bind money wise, if I have it, I give it to them, no strings attached. Sometimes I’m surprised and they pay me back, but I don’t give with that expectation. That’s saved a few friendships/family relationships.

  3. MoneyNing says:

    I think there is something weird about the way they calculate the country’s net worth. For sure, we would calculate the assets AND the liabilities right? Unless we have a lot of assets to to cover for the debt, I don’t think we should be ranked high at all.