The Virtual Vitamin

A Daily Dose of Insight and Common Sense

The Debt: A Personal Perspective

A family finances view of the National Debt… with a $50,000 annual income.

Their current debt would be $309,500, over 6 times their annual income.  Annual expenses would total $83,000, adding $33,000 to their debt every year.  9% of their income is simply paying the interest.  Stimulus and bailout spending would equal $135,000, all borrowed money.  Contractual liabilities such as an outstanding mortgage or vehicle agreements would total 2.6 million dollars, allocating $39,000 per year.  And they’ve just co-signed for a few of their neighbors’ new homes, debts of $323,000.  But the present looks rosy considering rising utility and health care costs in the near future.  Cutting 100 million out of the National Budget would be equivalent to $2.38 for the year.   It’s time to get our house in order.  I don’t think credit counseling is going to cut it.

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May 15, 2010 - Posted by | on Economics, on Government, on Politics | , , , , , , , , ,

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