The Bondage of a Debt Financed Lifestyle
Many Americans find themselves in quite the situation financially these days. Their situation is nothing short of bondage. They are completely trapped because of years of borrowing money to finance a lifestyle that was unattainable without debt. They aren’t the only guilty party. The government has encouraged it and the banking system was more than willing to loan the money.
The problem is that while government can tax, print and borrow, and banks can ask for bailouts, most individuals are stuck in the bondage that they have created for themselves. People have been living beyond their means for far too long and the bills have finally come due.
Photo by sparr0 via Flickr
The ride while things are good is fun (big homes, nice cars, boats, extravagant vacations, etc.), but the pain of the bondage is worse, and most would not say that it was worth it. Unfortunately, Americans as a whole have completely bought into this idea that it is better to live now, borrow and spend rather than be responsible and save for tomorrow.
Trapped In Financial Bondage
Individuals all over the country are underwater on their homes since they bought more than they could afford at inflated prices. Individuals have massive credit card debt from funding a lifestyle that they could not have otherwise afforded. Individuals also have excessive student loans and other forms of debt.
For many people, there is no way out other than a financial bankruptcy. Climbing out of the debt hole that some find themselves in is all but impossible. For others, it is possible, but will be a long and hard process. Meanwhile, there are folks that struggle to put food on the table and provide their families with the basic day-to-day necessities. The bondage is real.
The Freedom Of Zero Debt
While the responsible individuals who find themselves debt free may have not partaken in the orgy of spending during the most recent economic boom, they find themselves with something priceless: freedom. Because they don’t have a massive burden of debt that is crushing them, they are free to save for their future, they are even able to spend more today because they don’t have money going towards interest payments. These people ...
