CNBC Money and Politics Blog — Larry Kudlow: The Debt Bomb Is Coming Due — CNBC.com US Economy and Politics - CNBC. The real truth is not to increase your credit limit, it's to lower the spending to lower the balance on your current limit. What happens when most people raise their credit card credit limits? They tend to spend more money and misuse that credit. What do you think the government will do if they raise the debt ceiling (credit limit)?
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4/13/11
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In the CNBC Article: Lawmakers 'Playing with Fire' Over $14 Trillion Debt Ceiling, it said "if default were to happen, it would would have "extraordinary" consequences for the U.S." The default happens when the debt ceiling is reached and our country can't borrow any more money. This is expected to happen within the next couple of months.
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