International Man: A recent BHG Financial survey found that 62% of Americans earning over $300,000 a year still struggle with credit card debt.
What’s your take on this?
Doug Casey: BHG is basically a Shylock for the upper middle class. They loan mainly to doctors and successful small businessmen, typically at around 12%. They’re in a position to know when their demographic is in trouble. But why are they in trouble? I suspect it’s because middle-class borrowers have assumed lower-class time preferences. In other words, instead of saving for something you want— a house, a car, or whatever—people want it now and are willing to mortgage their…
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