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What is Your Share of the National Debt?

More and more Americans are trying to get out of debt. They pay faithfully on their credit cards every month, but they are discouraged about how much of their monthly payments are swallowed up every month in interest. Some turn to debt consolidation in order to help them get out of debt. This reduces the number of debt-related payments that they have to make every month to one, and allows them to focus on getting out of debt with laser-like intensity. Although many Americans are working hard to eliminate their personal debt, and some have even succeeded, there is one debt that they have that they might never pay off: the national debt. Have you ever wondered what your share was?

The National Debt

The national debt just seems to keep on growing. Every year, the United States collects income and other taxes from its citizens, and uses the tax money to pay for roads, the military, social security, Medicare, and other programs that many of us take for granted. Unfortunately, the government never seems to spend less than it makes. Over time, this has caused the United States to build up a huge national debt. Even without the recent stimulus bill, the national debt was in the trillions. The national debt has already passed 11.6 trillion dollars. Perhaps congress should learn to budget their money better, just as many Americans who have been through debt consolidation have done.

Your Share of the Debt

When you turn on the news and hear that the government is spending a trillion on one program, or even a billion on a new type of military plane, it can be hard to comprehend what that means to you. Since there are a little over 306 million people in the United States, every time the government spends a billion dollars on a plane or some other program, the cost to you is $3.26. Whenever the government spends a trillion dollars or more on something large, like a stimulus package, each trillion will personally cost you $3,260. If you have a family of four, this means that every time the government spends a trillion dollars, it is spending $13,040 of your family’s money. If you have thought about debt consolidation, you know that spending $13,040 doesn’t mean that you actually pay back $13,040. Just like you, the government has to pay interest on all of the money that it borrows.

With the national debt hovering at around 11.6 trillion dollars, this means that your share of the debt is around $38,050. If you have a family of four, your family’s share is $152,200, which is higher than a lot of mortgages. Like all mortgages, you have to pay interest on that amount. Unlike many people who have been through debt consolidation and have put together a budget, the government is still spending more than they are making. Perhaps the government could learn a thing or two from the millions of people who have decided to get their lives under control, have consolidated their debt, and are now spending less than they make. These people will be out of debt someday.

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