Wednesday, April 30, 2008

Learning from other's experiences, part Deux

I have said before how we Indians can learn a lot from how America has developed, and perhaps even avoid some pitfalls as the nation goes on its path of economic development.

And along comes NPR to the rescue [rather, augmentation]. They are running a 5-part series on debt, and all aspects of the current American personal debt situation. I strongly feel that our up-and-coming crorepatis at home should pay heed.

First part: Why do we borrow so much
In 1982, Americans saved more than 11 percent of their disposable income. The personal savings rate dropped to just 0.4 percent last year. An economist blames easy credit — and how we think about money.
Read/listen to the whole thing -- is good.

Part 2: Making Changes to Head Off Credit Disaster
Americans struggling to make ends meet can quickly find themselves in over their heads when credit card and other bills come due. Kim Love, 49, of Chesapeake, Va., was keeping up with her debt until she went on disability. Her income from working as a medical secretary was cut in half. Her husband also stopped working for medical reasons.

They soon had 11 credit cards, some with interest rates as high as 24 percent, and their bills topped $20,000.

Well, that's it for now, back to thesis writing.

P.S. yay for ISRO's 10-in-1 launch [video]!!

No comments:

Post a Comment