The Freedom from Debt

As cheesy as it sounds this July, debt is a topic that needs to be discussed. Debt, like a virus, has spread as an epidemic in our society today. Since the advent of the charge card, which turned into the credit card, our society has become obsessed with debt.

Debt is ingrained in our society

Society’s obsession with debt has gone toxic. Prior to this obsession with debt, keeping up with the Jones was just the dream and not actually possible, however; thanks to credit cards, it is now. Our addiction has only grown as keeping up with the Jones has gotten a lot more expensive. Thanks to the credit card companies’ willingness to continue extending credit to us as consumers, our society has gone further into the red.

Debt is the new normalcredit-cards

It starts in college, when we take on student loans. Although student loans can be used wisely, we become intoxicated with the ability to get what we want now despite not having the money for it at the moment. Everybody has debt these days. Once you get a job and can afford monthly payments on a car, we get a brand new one. Two-three years down the road when we can afford a mortgage payment, we buy a house. Max out the credit card and can’t pay it off? No worries! We open a new credit card from one of the fourteen credit card offers that come daily in the mail.

A generation of debtors

Think back for a minute to your middle school US history class. How was the colony of Georgia founded? James Oglethorpe decided he’d seen enough debtors in England and that he would bring them over to start a new life in the US. Back in the olden days, if you couldn’t pay a debt you owed, you would be thrown in jail until you could pay off the debt. Imagine how often that worked out for people. Our generation is becoming way too comfortable with our debt. We’ve basically turned into a country of debtors, except there is no ‘new colony’ for us to run to. The average young professional has thousands of dollars of debt. How much do you have?

The mindset is all wrong

Some of my co-workers are on a 30 year plan to pay off their debt. No, that’s not their 30 year mortgage, that’s their 30 year plan to pay off their student loans. What’s scary is a lot of people I meet and talk to have no real desire to be debt free. It just seems something we’ve accepted. Young professionals just always expect to be in debt. How on earth to you think you’ll be able to retire? Will you just work till you keel over and then pass on your debt to your kids?

Break the cycle

This debt crisis is terrifying to me, and it should be terrifying to you. Living your entire life in debt is not a quality lifestyle. Always fearing letters from your creditors, seeing yourself fall further behind on your payments, worrying about losing your job and having to declare bankruptcy? No thanks. Choose and plan to live debt free. Although some debt can be good, like student loans (within reason) and a mortgage payment, credit card, car loan and personal lines of credit need to go. Live within your means, and don’t worry about keeping up with your neighbors/peers. Let them live in debt, not you. Work hard, save hard, get debt free and then play hard, without the worry!

Thanks for reading. Sorry for the harsher tone, it is just a serious matter that needs to be addressed. If you do struggle with debt, consider purchasing this book below by Dave Ramsey. Although I don’t agree with everything he says, it’s a great slap in the face that will get you on the right path.

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