I Asked People From Around the World How Much Debt They Have

Summary

Podcast Summary

Podcast: George Kamel (Ramsey Network)
Episode: I Asked People From Around the World How Much Debt They Have
Date: July 27, 2026
Host: George Kamel

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Main Theme

George Kamel hits the streets at the New York Stock Exchange to ask global tourists a simple but revealing question: "How much debt do you have?" The episode explores global attitudes toward debt, comparing American norms with participants from diverse backgrounds. George leverages humor and candid, unscripted interviews to paint a picture of how different cultures view borrowing, student loans, mortgages, and credit cards.

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Key Discussion Points & Insights

1. Global Perspectives on Travel Spending and Debt

• All-Expenses-Paid Work Travel (Australia)

  • Two Australians share that their trip, estimated at $28,000 USD (AU$40,000), is entirely company-sponsored except for World Cup tickets (00:40-01:49).
  • Student Debt ("HECS"): Both carry government-backed university debt, repaid automatically when employed.
    • Quote: "What happens is that when you start, when you get into the workforce, it comes out of your paycheck slowly, and then it also rises with inflation." – Australian guest (02:24)
  • One aims to buy a car in cash to avoid loans (03:04-03:10).

• Pay-As-You-Go & Minimal Debt (Austria / European Tourists)

  • Austrian tourists stay in New York for six weeks, spending upwards of $15,000 USD, planning to pay via stock investments and savings (04:17-05:01).
  • Austria: University is almost free (€20/semester), with little to no student or consumer debt.
    • Quote: "We do not have like a loan. No, university loan. It's for free, paid through your tax. €20 for a semester." – Austrian guest (05:35)
  • Culturally, Austrians describe themselves as savers and conservative spenders (06:13-06:24).

• Company-Sponsored Travel and Mortgages (Thailand)

  • Thai travelers’ expenses (~$2,000 USD) largely covered by employer (07:23-07:40).
  • Household debt in Thailand is high, primarily via car loans and mortgages; current car loan: $44,500 USD, mortgage: $90,000 USD left (08:13-08:32).
  • Car loans have fixed interest; no incentive to pay early, while mortgage interest is calculated monthly so early payments help (09:27-09:59).

• Save-Then-Spend Norm (Netherlands, Denmark, France, Colombia, Mexico)

  • Dutch travelers pay for trips in cash, with most Dutch avoiding student or car loans. Credit card use is rare; debit and direct payments preferred.
    • Quote: "Only a few people I know even own a credit card." – Dutch guest (12:26)
  • Danish, Dutch, and French participants express a strong cultural aversion to consumer debt, with mortgages being the primary exception (23:37-24:37).

2. Country-by-Country Debt Culture

• United States

  • George opens with a tongue-in-cheek critique of how debt is the American way, from cars and vacations to "buy now, pay later" burritos (00:05-00:32).

• Australia

  • University debt (HECS) is government-managed, with repayment triggered by income.
  • Strategies to avoid repayment, e.g., living abroad (03:36-03:59).

• Austria / Central Europe

  • Minimal personal debt, free or nearly free education, strong savings culture.
  • Memorable exchange:
    – “Where does this [student aid] money come from?”
    – “The state is in debt as well.”
    – “Yikes.” (06:07-06:11)

• Thailand

  • Debt common via mortgages and car loans, with nuanced loan structures.
  • Fixed-rate car loans, effective-rate mortgages; household debt seen as a growing concern.

• Netherlands / France

  • Little to no personal debt outside mortgages; debit cards favored; renting often considered advantageous due to lower maintenance and flexibility.
  • French and Dutch guests reiterate a distaste for credit cards and consumer debt (16:03-16:23).
    • Quote: “We don’t have any credit card.” – French guest (16:23)

• Colombia / Argentina

  • Argentinians describe limited access to loans due to economic instability; Colombians have more credit availability, but culture leans toward direct payment for studies or property (18:10-18:37).
  • Public universities are free, funded via higher taxes (19:39-19:46).

• Mexico

  • Little consumer debt; culturally, multigenerational living limits need for loans.
    • Quote: "As soon as people graduate from high school, they go and live by themselves [in the US], as in Mexico, ...we stay longer with our parents." – Mexican guest (21:56)

• Denmark

  • Heavy taxes on cars (180%), making vehicles very expensive and discouraging car loans.
  • Mortgages are 30 years by default; prepayment is rare as investing in retirement is preferred (24:00-25:14).

3. Strategies for Avoiding or Managing Debt

• Cash Over Credit: Almost all non-American guests favor saving first and paying in cash, or at least paying off credit cards immediately to avoid interest.
• Debt Aversion: Outside of necessary mortgages, most European and Latin American guests express strong aversion to household and personal debt.

4. Memorable Moments & Quotes

• George, on American debt culture:
  – “Americans love their debt. They’ll finance their cars, put the vacation on the credit card, take out student loans like it’s monopoly money, and buy now, pay later a burrito.” (00:05)
• Dutch guest, on renting vs. owning:
  – “I was a homeowner and now I’m renting, but my rent is extremely low for the kind of house we’re living in.” (13:22)
• French guest, on credit cards:
  – “Even the credit card itself doesn’t really exist. Yeah, the card, it’s all tied to money... it’s almost like a debit card.” (16:10-16:22)
• Australian guest, suggesting a 'hack':
  – “So there’s a way to get around Hex. All right? You leave the country.” (03:41)
• Danish guest, on car prices:
  – “In Denmark we put on 180% tax on cars. So they’re extremely expensive.” (23:52)
• Colombian/Argentinian guest, on university:
  – “Both [public universities] are free. So we are really proud of our free [education].” (19:44)
• Mexican guest, on generational living and cost of living:
  – “...You can live well with like 50,000 a month. You don’t need to make as much and you don’t need to go into debt because it’s not that expensive." (21:44)

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Notable Segment Timestamps

• 00:05-01:49 — George introduces global context; Australians discuss company-funded travel, student debt system
• 04:17-06:24 — Austrians outline US stock investments, European savings culture, and details about low-debt university paths
• 07:23-09:59 — Thai guests discuss travel stipends, car and mortgage debt, and loan repayment strategies
• 11:03-13:43 — Dutch guest on direct payment for trips, aversion to loans, and renting versus buying
• 15:04-16:39 — French/Canadian guests explain dislike of debt, the rarity of credit cards
• 17:04-19:46 — Colombian/Argentinian travelers on saving for travel, differences in loan culture, and publicly funded universities
• 21:29-22:35 — Mexican guests discuss low-debt lifestyle, generational living, and affordable cost of living
• 22:39-25:14 — Danish guest lays out high car taxes, mandatory 30-year mortgages, and retirement strategies

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Episode Takeaways & George’s Closing Thoughts

• US Debt Is Unique but Not Inevitable: George points out that debt is not a universal norm, despite being embedded in American culture.
• Strong Case for Cash and Saving First: Across cultures, most guests report preferring to save up and pay for large expenses outright.
• Cultural & Structural Incentives Shape Attitudes: Low-cost or free university education, social safety nets, and high taxes (like Danish car taxes) nudge societies away from individual borrowing.
• You Control Your Norms:
  – Quote: “Debt may be normal here, but it doesn’t have to be normal for you. You can be a little more European when it comes to your finances—but nothing else. Just the finances.” (25:51)

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Conclusion

George provides a fun, insightful crash course in how the rest of the world manages and views debt—contrasting sharply with US habits. Whether it's avoiding credit cards in favor of debit, treating home mortgages as the only justified debt, or stretching savings to avoid loans, global attitudes consistently favor restraint, planning, and living within one's means. George's takeaway: Don't accept debt as inevitable just because it's the American way.

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For more on global spending and being debt-free, check out the next episode on World Cup ticket spending!

Transcript

[A]

Americans love their debt. They'll finance their cars, put the vacation on the credit card, take out student loans like it's monopoly money, and buy now, pay later. A burrito. But is that normal everywhere else? I'm here in the financial capital of the world, the New York Stock Exchange, to find out. I'm going to find people who are not from the United States, from other countries to ask them one simple question. How much debt do you have? But before we get too cultured, let me shout out deleteme for sponsoring this American channel. Let's get to it. How much did this trip cost? All in flights, lodging, transportation, World cup ticket.

[B]

Okay, so the World cup tickets for us were six grand.

[A]

Okay.

[B]

But we got everything paid for by company. We came here for free. We came here for free. We did not pay a dollar for anything. We're here just on pure vibes. It's actually insane.

[A]

You only paid for your ticket to the World Cup. Everything else you didn't pay. Jack Squad, what do you do for work?

[B]

I work in retail.

[C]

In.

[B]

I work for a marketing agency.

[A]

Like, you know, we're chilling. Both paid for you different companies?

[B]

No, same company.

[D]

Same company.

[B]

So, you know lays. The Australian version is Smith's Chips. So they sent us up.

[A]

You got like, what, a $10,000 trip, all expenses paid.

[B]

I don't know if we can. I don't know if we let it disclose. I don't know.

[A]

You couldn't shock us.

[B]

I don't know if I could say it.

[A]

20,000. We already know it's at least six plus flights, hotels, gallivanting. Who knows what else you guys did while you're here.

[B]

Ye still doing it.

[E]

Like, we're at.

[A]

This is the cheapest thing you've done so far is talking to me.

[B]

Yeah, that is correct.

[F]

Yeah.

[D]

Wow.

[A]

Okay, I'm gonna just. We're gonna go 15 each.

[B]

Each a bit higher. Bit higher.

[A]

That's Australian though, right?

[E]

Yeah.

[A]

Okay, that go. That takes it down. Yeah, yeah, yeah. 40 Australian is 28,000 USD. Do you have any debt? Currently this trip's paid for, but do you have any debt? You got any payments in your life? Car loans, student loans, credit card debt?

[B]

Unfortunately, I have something called a hex debt. And what a hecs debt is in Australia is basically the government doesn't like you're allowed to put it into debt like all your student loans. So I'm at university and I pay around like $17,000 a year.

[A]

Okay.

[B]

Which is quite upsetting.

[A]

And the government's like, hey, don't worry about it. But then you'll like 50.

[B]

Yeah, but the thing is, does it

[A]

come out of your paycheck automatically or what?

[B]

What happens is that when you start, when you get into the workforce, it comes out of your paycheck slowly, and then it also rises with inflation. As if we don't get taxed enough already.

[A]

Dang. Okay, so instead of a traditional payment, it's just forced out of your paycheck forever until it's paid off?

[B]

Basically, yeah.

[A]

So it's like prisoned? Yeah, yeah. Cool. That sounds fun. How much? What's the balance currently? Do you know?

[B]

By the end of the year, it's going to be like 31.

[A]

Wow. And by the time you pay it off, you likely will have paid like 45 or 50.

[B]

Yeah. Basically we're just starting our second semester, like, very soon.

[A]

You have the same thing?

[D]

Yeah, maybe.

[B]

I might be at 17,000.

[A]

So no other debt outside of the university? Loans?

[C]

Nah.

[A]

Like cars.

[B]

I want to buy a car, but I'm trying to buy it all cash.

[D]

Oh, wow.

[A]

What's that gonna cost you?

[B]

The car I've been offered is two grand right now.

[A]

You've been offered? What kind of car is that?

[B]

It's a Subaru Impreza 2007. It's got 220,000 kilometers on it. I don't know if it'll last me around a year or two.

[A]

Who's offering it?

[B]

My mate from work.

[A]

Oh, wow. Well, good luck with the university debt. Try to not go in much more.

[B]

Thank you.

[A]

I don't know, it might be too late. Yeah, I don't know by that one.

[B]

That's why you just give up or you just don't pay it.

[A]

You guys seem like a work smarter, not harder kind of crew. Yes.

[B]

Yeah, until we have to work harder. But, you know, we'll save it for that. No, you know what you do well. So there's a way to get around Hex. All right? You leave the country.

[A]

Oh. And they go, oh, well, he doesn't exist anymore.

[B]

If you leave the country, you still have the debt and it's still, like, accumulating in terms of, like, the inflation added to it.

[A]

All right.

[B]

But you can't pay it because you're not working in Australia.

[A]

Oh, you need Australian income for it to garnish.

[B]

Yes. So we're chilling.

[A]

Life hack. Flee the country. How do you say like and subscribe? Let me hear you guys say it.

[B]

Like and subscribe.

[F]

Peace.

[B]

Like and subscribe.

[A]

Lean into it.

[C]

Oh, can I be Australian, mate?

[A]

So what does six Weeks in New York cost you all in from the flights, hotels, Airbnb. That was like a black day for me when I paid for all of it. Yeah, but I forgot about that. I'm reminding you now.

[F]

Credit card.

[A]

Six weeks. That's a lot of lodging. Where are you staying the whole time? Like right now we're in a hotel, but we check in tomorrow and then I'm 30 days in an Airbnb and it's around like $7,500. That's just for the Airbnb. Give me a guess on what the balance will be for this whole trip. Between the two of. Are we talking $10,000? All in. More, more. Fifteen.

[F]

Fifteen, rather.

[C]

Yeah.

[A]

Okay. How are you going to pay that off?

[F]

Yeah, the new stock exchange. You see here, I sell some stocks, I invest in stocks a lot, so that's why we are here currently.

[A]

Are you guys doing any investing?

[F]

My portfolio is only US stocks, so. Yeah.

[A]

So you're betting on the US more than your own continent?

[F]

Yeah, we have like a small stock exchange in Vienna, in Austria, but it's

[A]

not really a big deal.

[F]

No. And all the major stocks like S and P in ge, they're all listed in New York Stock Exchange, on nasdaq.

[A]

Everyone's riding our coattails. Yeah, exactly as per usual. So do you guys have any other debt outside of this credit card balance? You're going to have to pay off after the trip.

[F]

So we're not in debt yet. We rent an apartment, so we in Austria, so we have no debt.

[A]

Actually, we are not car loan? No, we do not have like a loan. No, university loan. It's for free pay through your tax. €20 for a semester. So I think it cost me maybe $100. Wow, that's cheaper than an Uber here.

[F]

Yes. You even get money from the state if you study, so you get €200.

[A]

Where does this money come from?

[F]

Yeah, the state is in debt as well.

[G]

Yikes.

[A]

So they're all just going into debt.

[F]

Yeah, exactly like the us.

[A]

What's the state of the economy in Austria? Are people doing pretty well overall? Are they going into debt? Do they have money? Are things expensive? Only when you buy a house or something like this. Otherwise you do not take loans. I think we are like, we save a lot of money because, like we swim like this. We save it and we more conservative. Yeah, I think it's like the country we live in. It's like more the mind. Is there less opportunity to spend over. There are people just more like outdoorsy, low maintenance. Yeah, like we go into the mountains and stuff. They don't need as much stuff as we do in America. What do you do for work?

[F]

I work in finance. So I worked in M and A previously in Austria, then in private equity firm.

[A]

Oh wow.

[F]

And then now I'm currently at an industry firm. Maybe you know it Liebherr. Those large cranes. Yeah, we. We produce a lot for us. So most of our revenue goes to

[A]

the US Makes sense. You're like, I'm invested here in a whole lot of ways.

[F]

Exactly. So as you might know, one man decides how the economy in Austria works. But the decision is here from Mr. President.

[A]

Yeah. You know what I'm talking about.

[G]

Okay.

[A]

What did this trip cost altogether from like flights, lodging, transportation, food, all that thousand.

[D]

Two thousand USD.

[A]

Wow. And then yours is completely paid for.

[E]

So from companies flight ticket accommodations. Also daily allowance as well.

[A]

Nice stipend you can use for food and all that stuff.

[E]

But actually it's not enough. I still use my own as well.

[A]

Yeah, so you are very low cost, low maintenance. You're like one or two grand into the trip.

[D]

Summarize.

[E]

Yeah.

[A]

Because I all my spending in my credit card. On the credit card. Okay. Do you pay off the credit card every month?

[D]

We we on time. Otherwise I will get a lot of interest.

[A]

Yeah. Do you have any debt right now?

[D]

A little bit, yeah. Mortgage.

[A]

Mortgage. Okay, so for a house.

[F]

For a house.

[A]

And a car. And a car. Okay. What's left on the car balance for the loan?

[E]

1.5 million million.

[A]

So about $44,500 USD. What kind of car is this?

[D]

One is SUV Subaru. Another one is Toyota PZ.

[A]

Okay, so 44 grand left on that. What's left on the mortgage.

[E]

So it's about like 3 million left.

[A]

Oh really? That's not that much compared. That's double the car and you're done. So 90,000 left on the mortgage thereabouts.

[E]

You paid like half already for the condo. Yeah, for the apartment.

[A]

So what is debt like in Thailand? Is there a lot of people have car loans, mortgages or is debt not as much of a big deal there?

[E]

Lots of people there have a lot of debt. Because household debt in Thailand also very at the high level as well. Yeah.

[A]

What kind of debt do they have over there? Like on average?

[E]

I don't know the exact number, but they also have a car loan, mortgage loan and also consumer loans as well, which is.

[A]

Oh, just like personal loans.

[E]

Yes, yes.

[A]

What's your plan to pay off the car loans at this point? Are you going to Try to put extra on it or just pay it off over the five years.

[D]

Follow the flow. Yeah, just pay off on time.

[A]

Okay.

[D]

I will not pay extra. I will keep some money on spare

[A]

to spend somewhere else. Got it? I don't want to use my money, I want to use it elsewhere.

[E]

The car loan is a fixed rate for interest rate. So even you pay now or pay later, you pay the same. You pay same interest total.

[A]

Even if you prepay, it's all baked into the. To the loan, into the payment.

[E]

So. So that's loan you don't need.

[A]

There's no benefit to pay it early, essentially, is what you're saying. No substance.

[E]

But if the market's loan it is because it's called the effective rate of the interest rate.

[A]

It's calculated each month based on the balance.

[E]

So if you pay a lot today. Yeah. You will get less like interest rate to pay in the future. So that's better to pay.

[A]

Makes more sense to pay off early. Wow, that's interesting. I didn't know that about the car loans over there. Very interesting. Okay. How many euros did it cost you for this whole trip?

[C]

The whole trip? The plane was about one and a half thousand euros. And then our hotel. Two, two and a half.

[A]

Ok. Yeah.

[C]

And then the stay here.

[A]

All right, so you got travel, transportation, laundry. You're probably thinking like four or five all in. Five, Five all in. Okay.

[C]

Yeah.

[A]

That brings us to a total of $5,700 USD. Yeah, that's pretty good. Yeah, pretty good for all the way you can. How many people is this with?

[E]

Two.

[A]

Okay, two people, 5,700 bucks. Now could I go do that same trip to the Netherlands for the same amount of money?

[C]

Well, depends on.

[A]

Okay. Depends on what I'm doing over there.

[C]

Yeah, what you're doing over there. Yeah.

[E]

Wow.

[A]

How did you go into debt for this trip? No, it's all done. You have all the money?

[C]

Most is all done. Only the hotel is by credit card.

[A]

How do people in the Netherlands feel about debt? Do they have a car loan? Do they have mortgages, student loans?

[C]

There are not a lot of loans. Only for your house or your study. And I think that's all.

[A]

Okay, that's it. So did you go into any student loan debt for university?

[C]

No, I didn't need a student loan.

[A]

What do you do for a living?

[C]

I lead a software company.

[A]

You lead a software company? That's cool. What kind of software is this?

[C]

Yeah, it's a small software company in the energy industry.

[A]

Very nice.

[C]

We help companies collaborate together. To doing the work.

[A]

Fantastic. That's exciting. Well, tell me how much this trip cost. All in. We factor in the flights, the hotels, Euros.

[C]

Yeah, I reckon 6,6000.

[A]

Wow.

[C]

In total.

[A]

So that's probably like 6800 USD. Let's find out. Let's see how close I am. 6,000. 6,800.

[C]

Yeah. Close.

[D]

Yeah.

[A]

Hey. Okay. Did you go into debt for the trip or did you just pay straight cash, save up for it?

[C]

No, it's a very personal story, but it's a trip we were trying to make for a few years now. My wife passed away last summer.

[A]

Oh, I'm so sorry.

[C]

And there was a little bit you

[A]

were saving back then and now you're on the trip.

[E]

Yeah.

[A]

And kind of in honor of her. Yeah.

[C]

She couldn't make it.

[A]

So. Yeah, you guys worked hard to save up for this trip. Over. Over time. You guys have any other debt right now?

[C]

No, not at the moment, no.

[D]

Okay.

[A]

Is that pretty normal over Netherlands to not have any payments, no loans, no car loans?

[C]

I think it is. I don't. Only a few people I know even own a credit card, so.

[A]

Most people use debit cards. They just use the money in their checking account and pay for things. They're not going to owe money to the credit card company and then pay it off. Most people just pay for it straight up.

[C]

No, no, no, no, no, no, no, no.

[A]

Wow. What about cars? A car is expensive over there.

[C]

Yeah. But that's the tax measure if I. And we pay per weight. So if you own a very heavy car, then it's, it's, it's more expensive. And that's just. I think it's a strange thing. Yeah. Because they, they impact the roads more. So I think that's the way. Yeah.

[A]

So, okay, you're gonna break our roads, you're gonna pay for it. So do you drive a very light

[C]

car, A Nissan gas guy? So I said like a medium car, I think.

[A]

Yeah. Good fuel economy.

[C]

That's it.

[A]

That's fantastic. Wow. What about mortgages? Do you have a mortgage?

[C]

I'm rental owner now.

[A]

Renting.

[C]

Renting, yeah.

[A]

Okay. Is there a goal to be a homeowner? Is that a big deal over there?

[C]

I was a homeowner and now I'm renting, but my rent is extremely low for the kind of house we're living in.

[A]

So less, less to manage, less to deal with. When you're a renter, I imagine less problems.

[C]

I'm quite a handyman. So when the time I owned the house, I was always working on the house. And now I think it's really.

[A]

You're the ideal renter. You'll fix it up better than you found it.

[C]

Yeah, but it's his job, so, hey,

[A]

I know how to do it, but I'm not getting paid for this because

[C]

I'm not worrying about it. No, no, no.

[A]

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[E]

Yeah.

[A]

How much did this whole trip cost you guys? Not too much. Just like the hotel is, like, well, 300 US. I think we paid about $150 in gas. Oh, that's not bad. And we eat wherever, so I'd say

[C]

maybe total for both total be maybe $1,000 or something.

[A]

Wow, that's about as cheap of a trip as you can pull off. Did you go into debt for the trip or was this just paid for in cash? Already paid for? Yeah, already paid for.

[C]

Yeah.

[A]

Do you guys have any debt otherwise? No. Well, you have a mortgage, right? Yeah, I have a mortgage for my allotment, but no. Consumer debt is what we call it here. You know, car loans, student loans, credit card debt. None of that. I'm European.

[C]

So we don't like this kind of debt.

[A]

Are you from Canada as well originally? Yeah, I'm a Canadian citizen, but I'm also French. How often do you visit France? Do you ever go back?

[C]

I go back maybe once a year.

[A]

Is it a different vibe over there versus Canada as far as how they handle money?

[C]

We don't like debt. Only for the. Only for the house, for the apartment,

[A]

for the really big thing, which is that. Housing. Yeah, okay. Yeah, but like they don't do credit cards in France.

[C]

Even the credit card itself doesn't really exist. Yeah, the card, it's all tied to money.

[A]

You have like a secured credit card. It's almost like a debit card. Exactly, exactly.

[F]

It's the same.

[C]

We don't have any credit card.

[A]

Would you believe we are $1.7 trillion in credit card debt in America?

[G]

Yeah.

[A]

Ye crazy. France saw that and went, yeah, we're good. We don't need that.

[C]

No, no, no, no.

[A]

I'm sure Canada's catching up. They're a little bit more Americanized in that way.

[F]

Culturally.

[D]

Yes.

[A]

The consumer debt is probably more in English Canada because it's culturally closer to the United States. And French Canada may be a little bit less, a little bit more conservative financially, so overall. But consumer debt exists everywhere in North America, so. Yeah, yeah, if we're talking about that. If you're tie. If you're hitched to our wagon, which you are here in North America, you know, Absolutely. I mean, normal as normal.

[C]

Yeah, absolutely. Yeah.

[D]

Okay.

[A]

What did this trip cost you so far? All in.

[G]

Well, in terms of cost was 1,000 for almost five days.

[D]

Wow.

[A]

Is that us?

[G]

Yeah, us dollars. Okay, so a little bit more than one. Let's say 1,000. Yeah. One hour. And then the flights from Bogota, where we are living at, to New York with one or two steps, we also have like 1,500.

[A]

Okay, so that's 2,500.

[G]

Yeah.

[A]

And we haven't even enjoyed our life.

[G]

Yeah. We haven't got dinner, we haven't got outside, so. And we were spending like four days here in New York. We were until tomorrow. We came on Friday. So now we have to live over here. And it's also a bit expensive, but, you know, it's trying to probably like three.

[A]

Three and a half.

[G]

Three and a half bucks.

[A]

U.S. yeah. Wow. Did you go into debt for that? You put on a credit card or what?

[G]

No, I have a US account. I have a saving over here. So we spend for that.

[A]

You saved up and paid cash for it?

[G]

Exactly.

[A]

What's the vibe with debt over there in Colombia or Argentina? Are a lot of people taking on debt for things like car loans, university?

[G]

Well, in Argentina, the situation is a bit different, or it's a bit tough now. There are not many loans or credits now with this government, they're trying to move things a little bit better. Colombia has a different. How can I say, different government, but even though they have a better economy. So you can have a loan for study or you can have loans for. Not the mortgage, but for.

[A]

But it's more debt because it's more available in Colombia.

[G]

It's more available. You have more opportunities, let's say, to buy a house or that kind of stuff.

[A]

Yeah, well, in that regard, America is thriving economically because debt is everywhere.

[G]

Well, it's a different culture. I think the US People, they are very used to have the loans for the university and the mortgage for having a house. We have free universities as well. They are really tough. And we have also private universities. But it is not in the US that you need to have a credit or to be alone to have a study.

[A]

Is university just a bigger deal? Here people want to go to a specific school or program, and over there, they're just going to all go to whatever public university is free.

[G]

You have both sides of the world on some of the cases. They get to whatever they can afford, you know, and then even though the Uber, that is the University of Buenos Aires and the utn, that is a technological one, they are very, very popular, and they have a very good level for university studies.

[A]

So people will pay for that.

[G]

And. And both are free. So we are really proud of our free.

[A]

Is it through taxes?

[G]

It's through taxes.

[A]

Okay, so higher taxes, higher taxes for.

[G]

For the people from Buenos Aires, probably, because those are the. The. The university that we have over there. But the level of the students is really good.

[A]

How much did this trip cost you all together?

[C]

1500.

[A]

Us.

[C]

Us?

[A]

Yeah. Okay. How about you? Around 7.

[G]

700.

[A]

Oh, wow. He's at half. What is he doing? Is he more frugal?

[C]

Like, what, your flights too?

[A]

Okay. With my flights, like, probably double? No, a thousand, so. But you have a credit card?

[D]

Oh, yeah.

[E]

Okay.

[A]

Do you have any credit card debt right now? Do you have a balance? You'll know. We'll translate that in post.

[C]

I'm gonna translate right now. He no longer have a credit card because he lost it the other day.

[A]

No, he lost it.

[C]

They have it on the bar so

[A]

someone could find it and use it. Did you lock it down? Yeah, he did he did. Do you have a credit card?

[C]

Yeah, I do.

[A]

Okay. Do you have a balance on there?

[F]

Yeah.

[A]

How much is left to pay off?

[C]

Around $200.

[A]

$200 USD to pay off?

[C]

Yeah.

[A]

What do you guys do for work?

[C]

I have a basketball media platform over in Mexico.

[A]

Oh, wow.

[C]

So I do like social media events to help kids to. So like a month ago I did this basketball showcase tournament to help kids go to get. To earn scholarships to go to college.

[A]

Very cool. That's awesome. Okay. How about you?

[C]

Marvoring?

[A]

I'm an architect. Architect? Yeah, Architect. What are you architecting? I'm like a designer and build like interiorism, like remodelation, stuff like that back in Mexico. Very cool. That's cool. Okay. Who's doing better financially out of the two of you?

[C]

Probably him. I don't know. I mean it's.

[A]

We didn't spend like that much. You guys have any other debt? Like car loans, mortgages, medical debt, student loans, none of that? No, no. It's like in Mexico, it's like more easier, it's cheaper, everything. So if you get like, you can live well with like 50,000amonth, you don't need to make as much and you don't need to go into debt because it's not that expensive.

[C]

I think it's different because here, like as soon as people graduate from high school, they go and live by themselves, as are in Mexico. Like we stay longer with our parents. So I think that's a big difference.

[A]

That that's why we generational living. Like grandma's living there. You're staying in there, not grandma.

[C]

Like our core family, like our parents and our siblings.

[A]

So what age usually do they. Do you live with family?

[C]

It depends. A lot of people go out for college and they stay in that city. Others stay until they get married or they just want to live by themselves.

[A]

Go independent. Okay. How much did this trip cost you?

[D]

In Danish Kronos, it would be 250,000 Danish kroners. I can convert to daughters around.

[A]

Okay, here we go. What are they called? Coronas. Kros Kro. There we go. Corona. Corona. All right, you ready for this? 250,000. 38,000 USD. How did you pay for the trip? Credit card. Did you pay cash, debit card?

[D]

It was by credit card. We went on a cruise out of Miami. It was paid by credit card. And you know, here we have been living in airbnbs and booking.com. normally it's paid by credit card as well. And then we also of course made sure we had some cash with us.

[A]

What's the plan to pay off the credit card balance now, how long will that take?

[D]

Well, we saved all the money up.

[A]

So you have it all. It'll be gone before you get back home.

[D]

Well, the money, they are gone, but we saved them all up.

[A]

Now. What is the feeling about debt over in Denmark?

[D]

I think most Danes prefer not to have debt. So instead of, you know, leasing your hardware, we want to buy our hardware.

[A]

We want to own things.

[D]

We want to own things. We don't like that.

[A]

What about, like, cars? Do you guys have car payments in Denmark?

[D]

Cars are so expensive because you have to remember in Denmark we put on 180% tax on cars. So they're extremely expensive.

[A]

Who's putting the tax on? They are really capital government puts a tax on. They don't want people driving.

[D]

No, it's more like it pays, you know, renovations of roads and new roads and all that. So it's part of that? Yeah.

[A]

Wow. What does a car cost over there? Is it like 250,000 Coronas?

[D]

In Kronos, a car would cost around 400,000.

[F]

Typical SUV

[D]

around 60, $65,000.

[F]

Okay.

[B]

Yeah.

[A]

So do you guys currently have any debt?

[D]

We have debt in our house. We need to have. We cannot pay a house in full. It's impossible. Everybody has dead in houses.

[A]

Like a mortgage. What's it called over there? That's such a difficult name. How long do you think it'll take to pay off the mortgage for the house? How many more years?

[D]

In denmark it's always 30 years. So you borrow, let's say $800,000 and over the course of 30 years you pay it back. So. And we are 21 years from being out of debt.

[A]

Can you put extra on it and pay it off early?

[D]

Could, but normally people don't.

[A]

You could put extra into retirement with it.

[D]

Essentially, I think it's better to put it into retirement funds.

[A]

What's it take to retire in Denmark these days? How many millions of dollars or. I'm sure it's like 17 billion in kronas.

[D]

Retirement age is around 67 to 69 in Denmark. And you should probably have between 4 and 5 million kronas in your pension fund. That's almost a million bucks.

[A]

Okay. Oh, you can get by at 800,000 there. That's pretty solid. Enjoy your time here while it's left and take me to Denmark with you.

[D]

Awesome.

[E]

You would love it.

[B]

You would love it.

[A]

Would I survive there? I'm pretty small. He's very tiny. I'm large compared to people in Micronesia, which depends on where you're looking. I don't know about you guys, but I feel a whole lot more cultured after talking to all of those, those wonderful international tourists. And I learned a few things. Number one, people outside of the United States tend to live a little more simply. All right? They're a little more fiscally conservative sometimes. That's due to maybe a weaker economy, less access to debt. Maybe their universities are free through higher taxes. Whatever it may be, I want you to realize this debt may be normal here, but it doesn't have to be normal for you. And if you take nothing else away, know that you don't have to live with debt. You can be a little bit more European when it comes to your finances, but nothing else. Just the finances. And if you enjoyed this video and you think they're doing great outside of the United States, wait till you see how much they spent on their World cup tickets and how the heck they paid for it. That video is coming up next. Click here to watch it or use the link in the description. Thanks for watching. We'll see you next time.