We are currently overspending our means. We have been borrowing on a credit card to pay our bills. That credit card is maxed out and we have a payment coming up. If we do not make the payment we have coming up we will default on that card. As you know or should know defaulting on 1 card will raise the interest rate of that card and many if not all of our additional loans. This will then put us further into debt.
Similarly to a family or individual, the country cannot just stop paying some of its bills without risking default. Ideally we will either get a more lucrative job to make more income (aka tax increase) or quit going out to dinner etc. (cut spending) or both. However, the payment is due tomorrow and even if you got a new job today you wouldn't see the benefit for a few weeks minimum. If you quit going out to eat you also won't see that benefit immediately. The only protection you have RIGHT NOW to pay your bill and therefore not default (which will only make the situation even worse) is to get another card and use the money from it to pay the bills until your strategies of more money and/or less spending start to bring things back in line.
Simply deciding to say screw it and not pay the bill is not really an option.
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Today's Featured Article - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
... [Read Article]
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