News from Congress must raise debt ceiling, start on path to repair budget – StarNewsOnline.com:

Published: Sunday, July 3, 2011 at 7:10 p.m.
Last Modified: Sunday, July 3, 2011 at 7:10 p.m.

“Raising the debt limit is necessary to preserve the full faith and credit of the U.S. government. We cannot as a Congress pass spending bills and tax bills and then refuse to pay our bills. Refusing to raise the debt limit is like refusing to pay your credit card bill – after you’ve used your credit card. The time to control the deficits and debt is when we are voting on the spending bills and the tax bills that create it. Raising the debt limit is about meeting the obligations we have already incurred. We must meet our obligations. Vote for this bill.”

– Sen. Chuck Grassley, R-Iowa, in 2006

“You don’t have much choice if you charge something on your credit card. You have to pay it, and that’s effectively what this debt limit is. … We’ve already spent the money. The question…………… continues on Congress must raise debt ceiling, start on path to repair budget – StarNewsOnline.com

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YOUR CREDIT RESOURCE: Is paying off mortgage the best thing to do?
News from Rapid City Journal:

Q. My spouse and I want to be debt-free. We have paid off our credit card, and now, we’re working on paying off our car. But we’re arguing about whether or not we should pay off our home mortgage early. What should we do?

A. Congratulations on paying off your credit card. That’s a great thing to do. 

When it comes to your mortgage, keep in mind that not all debt is bad. Generally, debt is good when it is an investment, such as buying a home or financing a college education. 

Paying off debt on items that are consumed or depreciate, such as credit card purchases or a car, is a good thing. 

The right answer to your question about your mortgage depends on what is going on in your life. Your age, your family size, your employment situation, your credit and debt, and your savings all have a bearing on the best answer for you.

My first question for you is whether you have a savings account for emergencies. Having a savings account for emergencies will ke…………… continues on Rapid City Journal
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