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?
Debt is as American as apple pie: The average household has $134,643 in debt. For households that carry credit card debt, it costs them about $1,300 a year in interest. Itâs time to take action. Debt is a way of life for Americans, with overall U.S. household debt increasing by 11% in the past decade.