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Originally Posted by shakran
It's all a question of balance. If I'm far in the hole financially, I am certainly not going to go to HR and ask them to reduce my salary. By the same token, if the government is in debt, it should not reduce its tax rates.
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That's true, but you should actively seek out ways to stop or reduce spending as much as necessary to begin to get your credit back and keep yourself from becoming bankrupt. With the money you save by cutting back, you pay off your debts. Once you have reached 0 again, then you plan better so it doesn't happen again.