There are different types of debt, although they all contribute towards the country’s status just the same. One of the most common types of debt Americans have is personal debt. This type of debt is the result of purchasing assets with values that diminish over time. Said assets include: new cars, clothes, furniture, and credit card purchases – short-term pleasures. Investment debt, however, is one of the more acceptable types of debt. This kind of debt results from borrowing to fund companies, education, or even homes – assets that will likely increase in value over time. Of course, both types of debts are equally difficult to repay. Debt ranges from mortgage payments, ca...
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...rom falling into debt. People who are entrenched in debt, however, should employ a strategy of cutting down variable spending and putting the extra money towards debt payments. Akin to the proposed balanced budget amendment, this ensures that they lose less and make more money.
Debt is slowly pushing America’s economy into an unstable state. This will eventually result in a dramatic increase of taxes, which will subsequently decrease the overall budget of most Americans. National debt is increased even more when people abuse credit, accepting debt into their lives. Unless America focuses its efforts to discouraging materialism by spending less money than what its overall income is, it will proceed further into debt, risking even higher taxes and bankruptcy. Our nation has to overcome its nurtured materialism before we can truly expect to improve its economic status.
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