Money Matters
Will You Have to Raise Your Debt Ceiling?
When your financial obligations are greater than your income, the first thought many people have is to raise their debt ceiling limits.
As I type this column, many people are glued to their televisions, watching to see if congress will make the economic deadline to raise the “Debt Ceiling” in order to meet our nation’s financial obligations. The truth is, if our nation had more revenue coming in (or, some would argue, less going out), we wouldn’t have a need to borrow more money… and that’s just how your own household works. When you’re spending more money on day-to-day expenses than you have coming in, something has to give or you’ll find yourself smothered in debt. The easy solution to this dilemma would seem to be simply stop spending money—and that may work if your spending is frivolous. But, the reality is, people are slipping into debt just trying to make ends meet …
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