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In Thailand, we have a saying "You should spend less than you earn, just in case you have an emergency case." In my opinion, I disagree with the idea of dept ceiling in the U.S. They should not spend more money than they earn.
Anyway, there must be something more than that. So, I want to know what other people think about U.S. dept ceiling. Please share your thought here. :)
The country in general is in debt because of the wars we chose to partake in, which led to borrowing money from other countries. Many Americans choose to spend more then what they earn because they unrealistically think they can afford a nice car, a house in a high real estate market, etc. etc.
There are some debts that don't seem so bad, like choosing to earn a degree from a cheap school where you will have to pay the loan back after you get your degree. No one has money upfront to attent college, so if we could only spend the money we have no one would get that opportunity. If people can be resposible and realistic with the debts they take on this is possible to pay them off. Going into debt for vanity though is ridiculous.
It is also very easy to go in debt over medical issues in this country. A few years ago I was about 10,000 grand in debt over a 3 day hospital visit. I had to get a second job to pay off these debts. It did not seem fair to me but that is how our medical system is here.
Ekk, I agree with you. I wish you were my spendthrift President would read and take to heart what you wrote.
MacKenzie, you got sick or injured, and you received the medical care. I think that as much as possible, you should have to pay for the expenses of your life. Who do you think should pay for it?