do you have a personal debt ceiling?

People are talking a lot about debt this week as the U.S. attempts to sort out how to manage their few dollars owing. This short video traces the history of U.S. debt. As a Canadian and one with limited knowledge of economics (on all levels!), I have little comment, except to say I found it very interesting.

Take a look:

But if you follow the story closer to home (your personal finances), there are definite parallels, especially when it comes to our ability to justify exorbitant amounts of personal debt. As I watched, I found myself asking, “Do I have a personal debt ceiling?” I’ve never really thought about it like that before. At what point do I look at my standard of living and the resources it takes to sustain it, and say, “Enough is enough!”? And in the context of raising a family in one of the most expensive regions of the world, I find these are hard questions to ask.

Which brings me to the statement I found most challenging (and true!):

“It might be hard to wean off of all this borrowing we’ve gotten used to.”

No doubt!

Reminded me of some challenging words we hear once in awhile, but tend to avoid:
"Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also...No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money." Mt. 6:19-21,24 NIV


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