The USA and Chin have the highest debt in the world but i don’t understand the concept of them being some of the wealthiest countries, does that debt need paying off? How do they get this debt? Ultimately it just doesn’t make sense to me.
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The more you make, the higher debt limit they give you. That’s true for people, companies, and countries. When you first apply for a credit card and make 40k/yr, they give you a $500 credit limit. Once you start making 100k/yr, you suddenly have a 30,000 credit card limit.
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