And yet, consider your own situation: chances are that you are in debt, either because of some sort of loan or because you have a line of credit (or multiple) to pay for your house, your car, your drug addiction, your ipad, your medical expenses, etc.
Now, consider that just like you are in debt, so is virtually everyone, including your own country, and up to a point, that's not too much of a problem. But before we start pontificating, let's first understand the basics of debt first with the following animation:
Now the question is: how much debt is too much debt? As it turns out, there is some empirical evidence to provide a tentative suggestion:
Me? I'm too cautious (and poor) to succumb to the temptation of credit, so although sometimes it's hard to make ends meet, I have absolutely no debt.
I'm poor, but I'm free, bitches! :)