If your city’s debt-ridden finances have you worried, you’re not alone.
For many cities, the economic downturn is about to hit their credit card accounts.
That means the debt burden could balloon even further.
Here are the five things you need to know about the potential for bankruptcy in your community.
Debt will explode in some cities: In 2018, debt-laden cities like San Diego, Los Angeles, and Chicago combined accounted for almost $300 billion in municipal debt.
These cities, with the help of government-owned banks, have been borrowing to pay off their debts since the 1990s.
That money is being lent out, at an interest rate that could skyrocket by as much as 10 percent over the next few years.
“You can see what the debt is going to look like in 2020 or 2020,” said Mark Bovins, senior economist with the Urban Institute’s Metropolitan Policy Program.
“It will be $10 trillion.
If you look at the total debt in the United States as a percentage of GDP, that’s going to be around 70 percent.”
In the future, it could reach more than 100 percent of GDP.
The economy will continue to expand: While the number of people who work in the city has been stagnant for years, growth in the economy is picking up.
According to the U.S. Census Bureau, the U,S.
economy grew by 0.4 percent in the third quarter of 2018, and the unemployment rate was at 5.8 percent.
In some cities, this growth is expected to be even stronger, as more people join the labor force.
That’s a good thing, but there are some cities where the jobs market will remain weak for a while.
In those cases, the city’s finances could start to take a big hit.
The city will still be able to borrow money: Even if the city loses all of its debt, it will still have plenty of cash in the bank.
The United States has the lowest federal debt-to-GDP ratio in the world, which means that the government doesn’t have to borrow from the banks for long periods of time.
This is because the federal government’s borrowing power is much lower than the banks’ borrowing power, meaning that they can make much more money with loans to the government.
However, if you’re a city with debt-heavy finances, you might be more concerned about the city having to borrow to pay for everything.
If the economy starts slowing down, it’s possible that a city might be forced to borrow for all of the new jobs created in the future.
You can be part of the solution to the city debt crisis: Many cities have passed legislation that requires that all debt be repaid in full, whether the city is in bankruptcy or not.
The idea is that if you borrow the money, you can get a loan back if things turn around.
However and for many cities that’s not the case.
“Most people don’t realize that the banks have a lot of leverage, and it’s not a good idea for the city to get into a situation where they’re borrowing to make things work,” said Bovons.
“If the economy slows down, you may be forced into a default and you could go bankrupt.”
Cities will have to do some work to avoid bankruptcy: When you see your debt soaring, you should keep in mind that some cities are not able to make the transition from government-run debt to debt-free municipal credit.
That includes Detroit, which is in the midst of a major bankruptcy, as well as Philadelphia, New Orleans, and many smaller cities.
“Some cities will have the ability to go into default, and that could have a really bad impact on the economy and on people’s ability to live in their neighborhoods,” said Scott Doolittle, senior fellow at the Urban Policy Institute.
“That could lead to a lot more problems down the road.”
If your local government can’t pay its bills, you’ll need to take matters into your own hands.
Borrow money and find a way to repay your debt, but if you can’t get the debt out of your city, it might be best to take the risk and make a deal with the banks to get out of debt.
Here’s a guide to making a deal and saving your city from the financial collapse.