May 24, 2023, 12:07 pm EDT
Debt is usually a bad thing for an individual, a company, or a country. Although debt can be helpful to solve a financial difficulty temporarily, there is a price to be paid called interest. Also, the principal needs to pay back in the future using credibility or collateral as a guarantee.
Debt talk can be unpleasant because it forces the debtor to face reality.
The White House and the US government are trying to figure out how to avoid the debt limit again like every year during the past 50 years. The debt chart and its climbing history are mentioned on 05/11/2023. Increasing the debt limit is never a solution but making the problem bigger for the future. Unfortunately, this is the direction the White House and the government to push through.
Furthermore, US household and credit debt is making another new high of $17 trillion US dollars as shown.
This is not a healthy sign. To keep healthy, a person needs to get rid of debt so that he can enjoy freedom. Otherwise, the interest, principle, and slavery would keep adding up like a heavy burden in the shoulder.
Working diligently, spending carefully, saving consistently, and investing wisely are the keys to paying down the debt.