Is it important for a household to pay off its CC debt? What about for a country to pay off its foreign debt?

Question

...and if you answered "yes" to one question but "no" to the other, why the difference?

Personally I would answer "yes" to both but am curious to hear others' opinions.

Answer 1

Yes, to both.  The second will be a lot trickier but it should be done too.  Good luck getting politicians to give up their pork barrel projects.  They NEVER want to cut spending, just raise taxes.  You start talking about cutting taxes and they say, "Our government can't afford it."  Did they ever think that maybe, just maybe, the people can't afford higher taxes?

I was sickened to learn that the funds for the recent "stimulus" checks was actually from China.  We are so deep in dept to people who wish us harm it's obscene.

Answer 2

for some reason the u.s. felt that paying off foreign debt was something that should be left for the "next" generation. now as a college senior, the government is broke, there is an expensive war that nearly nobody wants, there aren't enough jobs to pay people's living expenses and we've got more debt than ever. thanks uncle sam!!!

Answer 3

Yes, both are important.  Debt is not good.

Answer 4

I don't keep credit card debit and don't think our country should be selling our children's future. Congress needs to get rid of the Federal Reserve. Why is a private corporation in charge of our money supply. Why does our government now borrow the money that at one time it printed.