Replies to post #14571 on A.I.M. Users Bulletin Board (AIMUSERS)

[aim hier]

"If Bill Gates and Warren Buffett owe that debt, I'm not so worried.

Somehow I don't think BG and WB have any debt worries :-)

I read a recent article that said the average American (and I'm assuming Canadian too) had 8 credit cards with a total of over $8000 outstanding debt. That's just credit card debt! "

No, I'm not suggesting that Gates or Buffett have any debt worries. The problem with using averages is that they can be skewed. For example, if your brother owns a home worth $1,950,000 and you own a $50,000 condo, the average home owned by you brothers is worth $1,000,000, which would not be very descriptive of your home.

Did the average American owe $8,000, or did total debt equal $8,000 per capita. They are not the same thing, though they sound similar.