I've heard this term being thrown around a lot this week. Without doing any prior research on it it sounds appealing....I could definitely use a debt ceiling...I mean couldn't we all? Our credit cards tend to rule our lives so why not slap a ceiling on that bad boy and call it a day? For the record the debt ceiling in the context of the politics is the legal limit on borrowing by the government.
I actually think that part of the fix to the credit crisis that we all have been experiencing not only since the recession but just in general is that there should be a personal debt ceiling. Now granted there is one contingent on your credit history but somehow we always seem to figure out ways to get crazy credit limits without any repercussions.
I say each person should have a debt ceiling contingent on various factors, namely the common sense ones like verified income and credit rating.
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