Get spiked by email. Today, we are forever scrutinising our dialogue and conversation, looking out for offensive and insulting content. Of course, words, especially demeaning or degrading ones, have always had the capacity to hurt peopleâs feelings. But itâs different today.
Observers have ruminated on the potential value of the works at the Detroit Institute of Arts, the city's collection of classic cars, even its zoo animals. But the sale of any of those assets would just be a drop in the bucket. At $18 billion, Detroit's staggering debt is simply a lot to wrap one's head around. Even the city couldn't fully comprehend the magnitude, it seems, until Emergency Manager Kevyn Orr actually went ahead and filed for Chapter 9 bankruptcy. How could a city of 701,475 people rack up $18 billion in debt?
Consider these statistics about personal debt in America 1  : More than 160 million Americans have credit cards. 2  The average credit card holder has at least three cards. 3  On average, each household with a credit card carries more than $15,000 in credit card debt.  Total U.S. consumer debt is at $11.4 trillion.