Explaining the Debit Crisis without all the zeros

• Total annual income for the family: $21,700 (revenue)
• Amount of money the family spends: $38,200 (spending)
• Amount of new debt added to the credit card this year: $16,500 (deficit)
• Outstanding balance on the credit card: $142,710 (total debt)
• Amount cut from the next year’s spending: $900 (impact of debt deal just signed)

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