Will US economy collapse under its own debt?

I paid off our mortgage when I retired in 1998.

I keep thinking about trying to pay mine down more quickly, but I've got a 2.75% loan rate and where can I get money that cheap? Plus I've got four to put through college so the mortgage is just going to have to wait, just like the federal debt.

We all need to balance our expenses, current and future, against our debts, then make a guess as to the best approach.

What I have found to be true is that saving for that rainy day and retirement are paramount.

I've always told our two boys I expected them to go to college. When our older son was 16 years old, I took him to an investment institution, and the broker was good enough to explain about the stock market to him. I let him invest his college funds, and he did quite well for awhile. To make a long story short, I paid for his college tuition and room and board while he was in college until he earned his BS degree. 27 years later, he's now working at UOT in Austin (where he earned his MS), and we still help him financially.

Life's lessons are not easy and they are unpredictable.

Nice job in ensuring that you are in a position to help both him and yourself in retirement.

I've lived a pretty good life - and still do. I travel around the world 5-6 times a year. I've been to Cuba, Mexico, Hawaii, Portugal, Cuba, and Mexico this year, and will be going to Nova Scotia in September, and an AMA Waterways cruise from Budapest to Prague in November.

BTW, you can visit my travel blog at www.travelpod.com/members/c.i.222

Ouch!! That's quite a figure.. By the way did you calculate it yourself?

No. Waited for maxdancona to figure it.
'Course. The debt is about 1 trill higher now.
. . . . . . . . . .

If you don't have any debt, why do you care about your FICO score?

Your FICO score is meaningless unless you take on debt. It doesn't benefit you any more than my 294 in video bowling benefits me.

(BTW I am very proud of my high score in video bowling)

Geezer's prerogative: Brag on anything you got left.

The US debt will not sink our country. Most of the idiots who keep saying it will do not understand economics or government fiscal management.

Our national debt as a percentage of GDP is dropping. There is no crisis.

My FICO score provides me with interest free money for one year, but I don't need to borrow money.

HMMM! Can you loan money?

My point exactly. It's useless to you (except for your sense of self-esteem).

Self esteem? LOL

The fact that we have enough resources that we don't need to borrow money IS self esteem. What's yours?

Research Date: 1.1.2014
Annual spending power for African Americans $1.2 Trillion
($1.2 Trillion = $1,200,000,000,000)

Revenue generated by African American owned businesses $71,200,000,000

http://www.statisticbrain.com/african-american-black-statistics/



Da liegt der Hund begraben