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Rachel Mander

Pupil, King Edward VI Camp Hill school for girls

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How are we going to get out of debt?

There are increasing debt problems in most countries at the moment, and it seems everyone owes everyone money. How would you solve this?

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  • Aug 24 2011: In principle, the same way as any other investment - growth in net income outstripping the interest repayments.
    In practise, we have to ask is this possible? What level of long term growth is realistic? While in principle there is no immediate shortage of energy available, there is certainly going to be major scarcity in the resources we currently use the most, such as oil.

    As a previous commenter said, a simple solution is simply to consume less - aka living below your means. (This principle can be applied on all scales, from the individual to the national government level). But this is easier said than done. It is difficult to change all our habits at once, but if we start now, making all the small changes we can and finding solutions to the larger challenges then we can certainly turn things around in our lifetimes.

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