What is Your Personal Debt Ceiling?

Are you tired of all the talk about America’s raised debt ceiling and damaged credit? Some people are because the average consumer has trouble relating it to real life. It is easier if you look at it in terms of your own personal debt ceiling.

While President Obama and Congress search for ways to resolve the country’s debt crisis, a report at prnewswire.com recommends things you can do to resolve your own debt issues.

  • Confine borrowing and spending to the same time period – this means if you buy a new pair of shoes with your Visa card, pay it off in full when you get the Visa bill. Stretching out the payments will cost you more in interest.
  • You should know that a good credit score is also a symbol of your trustworthiness – people with poor credit can have trouble getting a job and renting an apartment. The better your credit, the more likely that others will want to do business with you.
  • Read and understand the fine print when it comes to credit – most consumers only pay attention to the low interest rates in bold. What they fail to see is that those rates may only last for six months and then balloon higher.

America may not set the best example of borrowing and spending, but you can do things on a much smaller scale to improve your debt ceiling and avoid bankruptcy. One advantage you enjoy over the nation’s economy is the ability to wipeout your debt through the Chapter 7 process and start fresh.

Law Firm of Kevin D. Judd – Washington DC bankruptcy lawyer

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