Tag Archives: credit card debt

The Evil of Debt

The debtor is a slave to his lender.  

Americans hold hundreds of billions of dollars in credit card debt alone.  To this add automobiles, student loans, mortgages, medical, and myriad personal loans and you arrive at the staggering figure of $2.55 trillion with a ‘t’.  

This massive debt–encouraged and backed by the US Government–makes us miserable.  Seriously.  Are you happy?  

If the debtor is slave to his lender, then the US Government is slave to China and Japan.  Want to know why we ignored Tienenmen?  Because our master told us to. 

The US Government is on the hook for another $10 trillion, and that number is increasing at a rate of $1 trillion per month.  Unless someone stops the madness, we’ll be, as a nation, $22 trillion in debt by this time next year–more if the ecnomy worsens.

Good Government Doesn’t Run on Debt

I am not a balanced budget purist.  I understand that wars and other emergencies sometimes require deficit spending. But the current wars don’t cost $22 trillion.  Not even $1 trillion, unless you use New York Times math.  So what’s the excuse?

Americans Are Spoiled Brats

We want what we want, and we want it now.  We’ve borrowed our way into slavery.  When we hit our credit limits, swindler politicians offer to extend even more credit.  So we become slaves to Congress, to the Department of Health and Human Services, to the EPA, and to every other government department and agency.  

It’s humiliating, disgusting, and embarrassing.  

What’s the Answer?

Stop borrowing.  That means you, me, the government, your husband or wife, kids, everyone.  Let the big banks fail; they are our pushers, our needle providers, our crack houses.  But they only offered the easy credit with painless terms.  They only offered a free t-shirt in exchange for our servitude.  They only held out the pen.  We took it into our eager little hands and signed over our lives.  

Knock it OFF!  

Every time you vote for a politician who “brings home the bacon,” you’re selling yourself to yet another master.  Last fall, the masters got together and decided to yank on the chains that bind you to them.  It hurt, didn’t it.  It hurts still.  And it will hurt worse over the coming years. 

The government has absolutely no plan to pay off its loans.  Have you noticed?  It has no intention of paying off.  Know why?  Because there’s no difference between goverment debt and personal debt.  You will pay the $22 trillion AND the $2.55 trillion because YOU SIGNED FOR THE LOAN!

Three Simple Steps

1.  Don’t borrow another dime.  Not for a car, not for college, not for a house, not for a television, gasoline, groceries, clothes, vacations.  Stop borrowing.  If you need help, read Dave Ramsey’s books
The Total Money Makeover: A Proven Plan for Financial Fitness
or
Financial Peace Revisited

2.  Have at least $1,000 in savings for true emergencies

3.  Pay off all of your debts as fast as you can, one at a time, beginning with the smallest balance and ending with the largest balance.

3.b.  Elect politicians who will put up 100 percent of their personal assets (house, cars, savings) if they ever vote for a deficit budget outside of war.