What Would You Do If You Hit Your Debt Ceiling?

If you suddenly (never saw it coming) found yourself maxed out on your credit cards, what would be your first move? Would you call Visa and try to convince them to up your limit in order to save your credit score, or would you call the cable company and cancel HBO?

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  • joe woycke

    you are way off base.  we haven’t reached our credit limit.  we’ve just decided not to pay our bills.  we have a good credit rating now.  there is credit available to us.  but some people have decided that we should debate about whether or not we should pay our bills.  now the credit agencies are looking at us saying “you can not pay your bills but if you do that we’ll lower your credit score and force you to pay higher interest on your debt.”  so we’re in the middle of this mess with a terrible debt and we’re voluntarily going to skip a couple payments so that we can pay more interest.  but wait, it gets better.  while everyone is dicking around over revenues and budget cuts, we’ve stopped collecting tax on airline tickets.  so we’re missing out on some of the revenues because everyone is being to “principled” to pass legislation governing the faa.

    this is a purely partisan issue.  the teabaggers and republicans are trying to make hay on the debt, and we are all going to pay for it.  i’m an independent voter.  i don’t like either party, but it’s pretty clear that this was a partisan move by the repubs.  they raised the debt limit something like 9 times under bush without blinking.  suddenly its an issue.  smells funny to me, but i’m open minded.  convince me other wise if you like.  i think that we need to pay the damn bill (which we can do) before we stab ourselves in the eye again and up paying more interest than we are now (and missing out on collecting the taxes that have already been authorized). 

    • http://www.scottadcox.com/?fbconnect_action=myhome&userid=1 Scott

      Wow. Where to start?

      • joe woycke

        fire away.  i would like for someone to convince me that this isn’t a partisan issue.

        • http://www.scottadcox.com/?fbconnect_action=myhome&userid=1 Scott

          I agree that what we are being presented is 100% partisan. And the “two sides” are basically arguing over which shade of red is more appropriate for new debt. Should we go only $x into the hole over the next y months? Or should we go 1.5x in the hole over the next 1.3y months?

          Seriously? That’s what is causing division? This is nothing but theatre for the sake of appearing partisan.

          How about a third option….stop going further into debt and start digging our way out of the debt we’ve accumulated. Of course, that’s completely off the table.

          • joe woycke

            but the question in front of us right now is do we pay our bills?  the first thing we have to do is pay the durn bill.  

            what congress has done is authorize spending and then refused to pay for it.  

            so we’re going to dig ourselves out of this hole by borrowing a bunch of money and not paying it back?