If it took five years or more to finally pay off those ugly balances on your credit cards, what would you do next?
Start building up some savings or, even though you don’t have the cash, take the kids to Disneyland in the spring? (On your credit cards of course).
That some us would do the latter would make a credit counsellor cringe; but if they do, they’ll hardly be in a position to criticize their government for following suit.
Yup…that is exactly the same thing…the federal government finally stops spending more money than it makes is the same thing a a person paying off their credit card balance. EXACTLY the same.
The only problem with this comparison is that the federal government will still have a balance on its credit card of $638 billion (see updated estimate here)
This debt balance is costing the taxpayers $16 billion annually in interest payments or $500 per second. Will it ever be paid off? I don’t see how. Not in my lifetime, or my children’s lifetime…
So is the federal government looking at going to Disneyland? I hope to God not.