The US recently narrowly missed defaulting on its debt, but the nation is not alone in its debt problems. Greece, Spain, Portugal and other countries have also struggled to avoid fiscal crisis. These global woes provide a cautionary tale for all of us. Can we learn some lessons from these countries about avoiding our own personal debt ceiling crisis?
Absolutely, says Mark Martiak, a senior wealth strategist for Premier Wealth Advisors LLC/First Allied Securities in New York. For starters, pay close attention to your personal balance sheet, he advises. Also, don’t let credit card debt overtake your savings.
Click play for other tips on avoiding a personal debt crisis — in 90 seconds.