Why is it that only poor people’s lives get devastated because of debt, while rich people having much higher debts are in a comparatively good state?

Poor people borrow to buy consumer goods, or in some cases to pay for medical emergencies, funerals and such. Overall, their borrowed money gains them no return on investment … It is immediately spent and gone forever —while their debt remains and grows. And grows. If the typical “poor person’s” debt is to be repaid,…

Why Are Filipinos poor?

One could also ask, why are so many Filipinos rich? I have come here to escape European winters now for around 40 years. The middle class has expanded by 10 or 20 times in that period. Good new cars create the world’s greatest traffic jams. Dealers in Porsche, Aston Marin, Rolls, Lamborghini, BMW, Audi, Lexus…