US and UK debt made simple

I found this on a discussion forum.

Remove 8 zeros from the US national figures and show it as a household budget.

• Annual family income: $21,700
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Outstanding balance on the credit card: $142,710
• Total budget cuts: $385

Here is the UK equivalent for 2011 (taking off 7 zeros)

Family income: £54,800 (including £25,300 of income tax and NI)
Family spending: £64,800
Credit card balance at start of year: £90,900
Interest on the balance: £4,300
Total amount added to the credit card: £14,300
Total planned budget cuts: £5,000

That shows what a mess we are in.

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