Do You Ceiling What I Ceiling?

Did you know that the U.S. has a credit limit, just like we do? It’s called the debt ceiling, and it functions similarly to a credit limit.

This year, the United States had owed $31 trillion to the various creditors and trust funds. Where is all of this money going? Well, not your pockets, that’s for sure! One thing that gets blamed the most is >>Social Security and Medicare, which contribute a higher percentage of federal spending than national defense, or even education.<<

Along with Medicare, budget deficits from previous years also get tacked onto the national debt and other government spending.

The real problem right now is that we’re close to getting our metaphorical card declined at the cashier because we’ve hit our credit limit.

The logical answer, according to the Treasury, would be to resolve the crisis by increasing taxes, lowering benefits and other measures that increase spending. The Republicans in the Senate insist on budget cuts to help pay off interest as well, which also hits us at home.

The national debt has been questionable – why should the entire country have to borrow money to continue running? Well, I can ask the same about our personal debts. Maybe we get into debt because of a series of bad choices, or maybe it was necessary because of a sudden income change or emergency.

$31 trillion is far too much debt for a humble financial advisor like me to tackle, but your personal debt ceiling? I can help you figure that out and help get you on the path to avoid hitting yours.

Call 330-836-7800 or >>click here to book a free 15-minute consultation<< to get started.