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 …..
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.