I know this is more UK news than World news, but anyway, maybe it's of interest to everybody..
Last night's Panorama programme on BBC1 was all about the levels of debt that we in the UK collectively have, it now mounts up to nearly a trillion pounds, that's over £15000 for every man, woman and child in the country. (I'm assuming this also includes mortgages!
One of the guys they were interviewing actually came out and said the levels of consumer debt being accumulated was the reason why the economy has stayed out of recession for the past couple of years.
I was quite surprised to hear this, as I have always done my best to stay out of debt and live within my means; currently all I owe is my mortgage (admittedly a little higher than I would have liked), but apart from that I'm clear, I own my car outright, and always make sure I pay my credit cards off completely every month.
But does this mean I am a bad person because I don't borrow lots money to buy nice things I can't really afford?