How much did the 2008 financial collapse cost you? Here’s a look at how much you’ll pay over time.
Posted March 06, 2019 06:07:15A few months after the 2008 global financial crisis, the government of India slashed interest rates and created a new central bank.
For the first time in history, the economy started growing again.
The government’s decision to make interest rates low triggered a wave of credit, driving up household debt.
Interest rates rose, but so did the country’s borrowing costs, driving a massive jump in the amount people borrowed.
This year, Indian households are expected to owe about $30 trillion, which will grow by about $3,600 per year, or roughly $2,300 per person.
That is a staggering amount of money, which means the average Indian household will owe more money than it can afford for the next 10 years.
The government has set a target of borrowing $12,000 per household for the coming financial year.
But the new budget includes a slew of policies that will make that impossible.
The country is expected to borrow $8,600 in interest for each person over the next five years, according to the finance ministry.
This means that households are already paying over $6,500 per person over 10 years, or almost $25,000 a year.
That is a steep increase from the amount they owe.
If you pay off your debt every month, you could pay off a debt of $12.50 per month by 2040, the ministry says.
The average Indian has already paid $1,500 in interest on $12 million in debt.
But if they pay $4,000 each month for a decade, they will owe about a quarter of that debt, according the finance department.
That means they would have to pay $24,000 in interest to get out of debt, a daunting number to be realistic about.
In addition, the Indian government will not let the government borrow money.
Instead, it will sell government bonds and issue bonds at a discount.
The Indian government is selling the bonds for $100 a share, or less than 1% of the government’s assets.
That will leave Indian households with $18,000 to pay off their debts.
And the government has made it clear that this will only happen if the economy gets back on its feet.
The Indian government has also reduced the interest rates it pays on its bonds to 5% from 7%, and it has lowered the government debt-to-GDP ratio from 80% to 70%.
In addition, interest rates on its treasury bonds have fallen to 3% from 4%.
But that is not enough.
The debt-load has only increased.
As of the end of February, the amount of debt owed to the government stood at $18.3 trillion.
That equates to about $1.6 trillion in interest payments.
If the Indian economy does not recover, the country will run out of money in five years and default on its debts.
That would mean a massive default on the debt.
If you or anyone you know needs help, call 1-800-273-8255.
Or visit the National Domestic Workers Alliance (NDWA) website at http://www.nwdwa.org to get more information.
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