How do you cope with debt these days? Being off work recovering (and having been off on sick leave for a few months last summer), it's hard not to accumulate some debt. Not a good time to be in debt, for sure. Interest rates are said to be on the rise. Luxuries have had to go. No dinners out, pedicures on hold (although I am suffering through this, as is anyone who has to look at my feet), vacationing in my back yard (not too hard to take with this Vancouver weather). I do have some coupons for free dinners, a spa gift cert left over from Xmas and a credit with WestJet so I can go back east in August and stay for free at my mom's cottage. These are all fairly painless decisions for an individual to make. And I am luckier than most.
But... what is that big country to the south of us to do with their debt crisis? The one where they will start defaulting on their loans if they don't have refinancing by August 2nd. And... today is July 10th. If I was that close to defaulting on my mortgage, I'd be panic stricken! Cuz' they really do take your house away! And what are they doing in congress? On the news (if what they say is to be believed), there's something of a standoff going on. Instead of working together to solve this ginormous problem, they are digging their heels in! On one side.. "no tax increases"... on the other side... "no cuts to social programs". Nobody's budging.
Maybe one side is waiting for the other side to blink first. What I'd like to know is who are they going to default to? Who holds all that debt? Not much info in the news about that, is there. My guess is that the Americans don't really want anyone to know the answer to that question. For me it's easy... one bank, just down the street. I know the manager and the tellers. But who do the States go to if they need an extra day or two because they are still stale-mated? I am assuming someone knows the answer to that question. This affects the whole world, you guys. So, I strongly suggest you get your act together and soon. Even Greece figured this one out. Because really, how can you be a world power if you can't meet a debt ceiling deadline. Look each other in the eye, go out for a nice long candlelit dinner and get to know each other as human beings. Give. Take. Blink.
