Getting Out of Debt Before it Overwhelms You
Consumer debt is like a cancer. Consumer debt is like termites. They are working their pain beyond the notice of the outside world. While they eat away at the infrastructure of our bodies and homes, we often go about life unaware.
BY: Chad Hovind
The payments to simply “service our debt” are growing so exponentially that paying Social Security and other promises of the past will be impossible in a few short years according to David Walker, former comptroller of the US government. He warns that we must radically eat the elephant. Democrats and Republicans are thinking about nibbling at the debt elephants’ toe nails, but it’s not enough, not even close. The services to the vulnerable in our country are at stake because of our debt’s growing payments. So, where does that lead us? We could make some painful cuts in spending now, or we could feel some devastating cuts later. We could raise some taxes now (fairing on everyone including the 50% of Americans who pay no taxes currently) or we will see all taxes go up later. Or, we could listen to the Imaginary Fairy God-Mother who promises a painless “solution.” Moody’s (the country’s credit card company for the sake of this analogy) suggested this week that America can be a good credit risk indefinitely if we remove our debt ceiling and promise to never stop going into debt.
This is the “solution” from the credit card company huh? Common sense has truly died. Ideas have consequences. Actions have consequences. If we don’t act now in our personal credit and national credit, there is pain on the horizon.
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