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Dubai, UAE

Facts About Debt

2 min read

Lending money to someone is a nice gesture, since the rich are becoming richer and the poor is becoming poorer, people look for money from different lenders every now and then. you must be wondering that why this is happening, well, this is happening because of the instability in the economy. There are several small banks that give loans in an easy way.

There are some banks that make it so difficult to get a loan that people look for private lenders. Like we said that lending money is a good gesture but there are some people who have made giving loan as a way of opening a debt collection system and there are some people who have also opened a debt management agency as well. debt means that if you have asked for borrowing money from a person or a company and you don’t return it on time then you are in debt. And you will be shocked to know that some people have actually hired some people to collect debt from their borrowers and being a debt collector means that one can be very cruel if you are going to become a debt collector then you must read some facts about debt below;

America: you will be amazed to know that the all super powerful country America; its powerful citizens are 12.58 trillion dollars in debt. People own debts on their homes, cars, student loans, credit cards, loans and much more and that is more than gross domestic product of China.

Americans really owes a lot: having a credit card is necessary now and even though the more beneficial card is the debt card but still a credit card is needed much of the places and the latest stats say that each house hold owes 16091 dollars to America because of the credit card.

Debt clearance can take years:  debt is a very dreadful thing and if each house hold pays 18 years at least (some specific amount), only then Americans can be out of debt completely.

Too much debt: you will be shocked to know that each year, Americans pay so much interest on credit card that it makes 1300 dollars in a year.

More and more debt: 22 percent of the population owes debt to American reserves due to their credit card debt.