We all need a little help in life. When it comes to staying on track with our goals, friends and partners can make a huge difference in your success rate.
For example, I’m currently training for a half marathon. A college friend reached out to me to see if I wanted to sign up with her. We live about 40 minutes apart, so we can’t train together, but we text each other our stats.
On Saturday, I needed to run 8 miles. I’d arranged with another neighborhood friend to run early Saturday morning. The night before, Friday night, a friend had a get-together. If I had to run those eight miles by myself, with no one to support me or keep me on track, I’m sure I would have stayed way too late at the get-together and would have found a reason not to get up the next morning.
Over the last several years, household debt across the world has been slowly increasing. That debt includes mortgages, car loans, and credit card debt. China’s household debt now stands at 49.1% of GDP, relatively low compared to many developed nations, but worrisome because of its 30 percentage point increase in the last decade. Shockingly, Switzerland leads the world with household debt at 127.5% of Gross Domestic Product. That means, for every $100,000 of GDP a household produces, they hold $127,500 in debt!
The average citizen in Switzerland, which has traditionally been an extremely wealthy country, has substantial assets (net worth) underpinning this debt, or at least four times more assets than the average American.
Even so, Switzerland, as well as nine other economies including Canada, Finland, and Australia, have debt levels that are high and rising quickly, at a pace that mirrors that of the US right before the housing bubble.