I thought my maxed out Visa card looked grim but those crazy kids on the Hill seem to be having bigger troubles than me in balancing the books. So here's an explanation to help a punter like me get a grasp of the situation...
Assume for a moment that the US was a household on an gross annual income of $18,000. Last year they put $5,000 on their Visa each and every month, racking up a grand total of $60,000 at 20% interest. Think of the frequent flyer miles...They contine the spending spree, mostly on guns and ammo this year, so their November 2004 statement shows an outstanding balance of $110,000...on a gross income of $18,000... and I thought I had problems. And they haven't even started paying off a dime (see, I'm getting into the local lingo) of interest yet. I want me one of those credit cards.
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