The government are spenders? The population isn't far behind, the problem lies in that everyone and their dog can take up huge loans that they have no way of paying back, having an entire country with people in a serious deficit is not good. Everyone has loans but in most countries there are very strict policies around them and here in Norway you can pretty much forget loaning more than three times your gross income for any purposes and you are required by law to either place a guarantee via a co-signer or through other value (car loans with full finance are often given with the house/apartment as security, given that you have made enough down payments to have actual surpluss market value versus debt) and it will now become mandatory to have a certain percentage paid off in advance before the loan is granted (i.e; you have to make a direct down payment of 8-10% of the total purchase price before the bank will let you buy a home). On top of this, the banks here are also compelled by law to set interest rate guarantees, to ensure that the interest rates don't fluctuate too much over a given perido of time and it is also perfectly normal to bind the interest rate for a decade or three-to five years on mortgages and car loans.
Yes, the government needs to stop producing incredible deficits but they also need to gain control of banking and finance operation domestically to ensure that not everyone anywhere in any situation can take out huge loans or smaller loans with fierce interest rates. Being able to drive to a gas station and take out a cash loan of up to three times the value of the car with interest rates near 100% is sheer madness however one looks at it imo. And credit cards, people seriously need to reconsider gettind and using credit cards, I know for sure that I never want to own one.
