Confronting Your Personal Debt Ceiling – NYTimes.com

There’s been a lot of talk about the national debt ceiling recently.

This article about the “personal debt ceiling” struck a chord with me. 

Personal debt is NOT GOOD – and it is always a challenge to get rid of …..

Steve

============================================

We’ve all made financial commitments like mortgages, rent payments, college tuition and utility bills. When you combine those commitments, you end up with the foundation for a budget. But what happens when those commitments exceed your income?

After we become accustomed to a certain lifestyle, it can be difficult to make adjustments when the amount of money coming in decreases. But unlike the federal government, real people don’t have the option to take a vote and raise their personal debt ceiling. In the real world, increasing your personal debt ceiling only works for so long. At that point, there are only two options:

1. Earn more

2. Spend less

Simple math, tough choices.

via Confronting Your Personal Debt Ceiling – NYTimes.com.