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Open Discussion Discuss Are we going over the cliff. Yes or No at the General Forum; Originally Posted by AZRWinger It bears noting that the Federal family is only paying interest on the variable interest credit ...

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Old 12-30-2012, 11:52 AM
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Default Re: Are we going over the cliff. Yes or No

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Originally Posted by AZRWinger View Post
It bears noting that the Federal family is only paying interest on the variable interest credit card balance. Right now the creditor is satisfied with 2%, around $2,800 annually. Should the creditor elect to increase interest rates to their historic average of 5.5%, just servicing the debt will require 1/3 of the family's actual income.

Interest rates returning to their historic levels would most likely be accompanied by freezing the credit limit of the Federal family. That would reduce family spending by $13K. The total reduction of funds available for spending would be around $20K. That leaves our Federal family with less than half of its current spending funds, $32 - ($7 + $13). Arithmetic indeed.
All very interesting. Do you have an answer to the thread at all?
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