Recently, a bizarre phenomenon has been sweeping the U. S. . Though our country is understood for the liberty it provides the our people, there are millions of Americans who are eagerly subjecting themselves to monetary servitude in the form of an indentured servant.
Let me explain…
In the 1600s and 1700s, it was extremely hard for immigrants to come to America. Most immigrants did not have money for the trip, so they usually needed the help of the wealthy land owners to pay their way. To pay down the debt when they arrived in America, the immigrants would work for as much as eight years in indentured servitude to their debtors. Both parties profited from this arrangement. The debtor gained workers and apprentices for their enterprises, and the immigrants would shortly have the liberty to follow prospects in the New World. Today, when it comes to debt, Americans have rediscovered monetary servitude.
This time we don’t subject ourselves to servitude to find opportunity in the New World. Unfortunately we are in servitude for new shoes, fancy dinners, pricey cars, and chrome steel appliances. Thru cards, home equity loans, and other forms of debt, we borrow cash till our bills identify when and how much we work often at jobs we do not even like. The method starts early high college and college kids receive pre-approved visa cards though their only revenue comes from babysitting or cropping their neighbour’s lawn.
We are inspired to borrow cash to buy everything from groceries and clothing to autos and homes. Debt has become an accepted part of our day to day life. The result? In Aug 2006, US consumer debt reached a record high of $2.35 trillion*, property repossessions are surging nationwide**, and millions of American citizens are battling to cope. USA citizens are under an amount of money stress that has not been seen for generations.
I know the pain and despair of being weighed down by a paralyzing amount of debt. I also know what it’s like to victory over that same debt. When I was in varsity, I used debt to finance an approach to life that I could not afford. I used cards to buy CDs, a dear cycle, skis, stereo gear, garments, dinners for my dates, concert tickets, and plane tickets. I was expecting that after I graduated and commenced work as an aerospace engineer, I might quickly pay off my debt.
It did not work out that way. Rather than using my new income to pay off debt, I moved into a home with some pals and upgraded to a costlier car. I also continued purchasing fancy dinners to inspire the girls and taking costly trips. It was not long before my paychecks did not last so long as my bills. I ran out of money long before pay-day. I was in difficulty. I sat down with a pile of my bills and added up how much I owed.
I was surprised at the total. I was twenty-four years of age and sunk into despair because I saw no method of paying down my debt before I was forty. At night, I’d wake up in a panic, anxious about my future.
I read books about private finance, made a budget, and attempted to adhere to it. I spotted that I failed at controlling my finances because before I could change the way I dealt with money, I had to change the way I was thinking about money. My philosophy was primarily based on ten lessons and ideas. For some folk, the idea equating debt to slavery is intense. If I did not go to work, I would not be ready to pay my bills, my automobile would be repo’d, and my life would be in ruins. I also did not have the liberty to use prospects. I had to turn down an opportunity to go on a three-month trip around Europe because I could not afford both the price and the time off from work. I had become in thrall to my debt.
After I realized that debt is slavery, each time I was nearly convinced to pull out my credit card, I believed incurring debts makes me a indentured debt servant. That idea alone gave me the power to stop accumulating debt, which made it simpler to for me to repay my debt. So next time you pull our your ATM card to get something, remember debt is slavery. Stop incurring debts, focus on clearing your debt, and perhaps your period of finance servitude will shorter than the eight years of our immigrant ancestors.