26-30 Debt Facts


26. A man spent $600 a day on the Florida Lotto, racking up $600,000 debt before hitting the jackpot. – Source

27. In 2009 China canceled the debts of 32 African countries. – Source

28. Russian Crimean War debt was so large that Alexander II, realizing the difficulty of defending Alaska, decided to sell it to the United States, in 1867. – Source

29. Liechtenstein, one of the smallest countries in the world, has one of the lowest business and corporate tax rates, highest GDP per capita, zero external debt, and more registered businesses than people. – Source

30. At one point the Pittsburgh Penguins owed Mario Lemieux so much money that he used the debt as equity to purchase the team. – Source

31-35 Debt Facts

student loan

31. Student loan debt is roughly $1 trillion in size, greater than either auto or credit-card debt and second only to mortgage debt in the US. – Source

32. It is unconstitutional for the state of Texas to be in debt. – Source

33. One proposed solution to the US debt ceiling crisis of 2012 was the minting of a 1 trillion dollar coin that would be used to pay off the country’s debt. – Source

34. Thomas Edison was an advocate for monetary reform in the United States. He was ardently opposed to the gold standard, and debt based money. Famously, he was quoted in the New York Times stating “Gold is a relic of Julius Caesar, and interest is an invention of Satan.” – Source

35. Those companies advertising, “settle your IRS debt for pennies on the dollar” are basically charging you a fee to fill out a form to apply for a government program they hope you don’t know about. – Source

36-41 Debt Facts

AirAsia aircraft

36. In 2001, the heavily-indebted airline AirAsia was bought by Tony Fernandes’ company for One Malaysian ringgit (US$0.26) with (40 million MYR) US$11 million worth of debt. He turned the company around and produced profit in a year. – Source

37. Koreans donated billions of euros’ worth of gold jewelry, personal heirlooms, and other valuables to help pay down the nation’s IMF debt in the wake of the 1997 Asian financial crisis. – Source

38. The British government only finished paying off its debt from WW1 in 2014. – Source

39. Germany’s debt from WW1 was equivalent to 96,000 tons of gold. – Source

40. Congressman McFadden in 1934 wanted to imprison those who ran the Federal Reserve Bank. “The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation’s debt.” – Source

41. One penny and two pence coins are legal tender only up to the sum of 20p; this means that it is permissible to refuse payment of sums greater than this amount in 1p and 2p coins in order to settle a debt. (UK) – Source

Categorized in:

Fact List, Finance,

Last Update: February 28, 2017