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Raising The Debt Ceiling for the Potential Homebuyer....What do YOU think? I Need YOUR Opinion!
With all of the debate going on about the how and why we should or should not raise the national debt ceiling, I began to think more local and more personal.  I started to think of the "debt ceiling" of a potential home buyer.  I would like to lay out a scenario for you and then get your opinion of which plan you think is the best. Here's the deal:  Mr. and Mrs. Smith own a huge house right now.  They must own a huge house because their four grown children still live with them.  BUT .....their children are now having children and the Smith's need a BIGGER home.  AND they need the limits of all their credit cards increased.  To qualify for the new home, they need one of two things - more income or less debt.   Two of their children are working, John as a Realtor and Jane as a mortgage banker and they both contribute as much as they can to the household expenses.  Both want to expand the size of their individual businesses and hire assistants; however because they  contribute such a large portion to their parents for the entire family's  living expenses, they cannot.  Their ... more

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