I could sit here and quote a bunch of meaningless numbers to you about how many Americans are in over their heads with all sorts of debt. We get it...the economy is in a recession. Who's to blame? Banks and Wall Street are greedy SOB's who aggressively seek to make loans they know cannot be repaid. People are greedy SOB's for seeking loans they cannot afford and living on credit cards they cannot pay off each month.
I've been reading a lot lately about credit scores and types of debt and I've come to one conclusion: Debt is debt. They say good debt is when you have something to show for it: a student loan, a mortgage. Bad debt is when you have nothing to show for it: a credit card. Well guess what? Whatever the case, we owe. They tell us to worry about our credit score. Why? So it will be easier to acquire more debt? How many people feel enslaved or overwhelmed by the thought of owing more money than they make in a year? What about 10 years? Has anybody ever analyzed a mortgage set up before? I remember my parents telling me that on a 400 thousand dollar house over 30 years they would pay about 750 thousand to pay off the mortgage. Granted 400 thousand is a bit excessive, but really? 350 grand? Really?
Imagine we lived in a world where nobody ever got into any kind of debt whatsoever. Granted this would probably drastically change the lifestyles of everyone, but would we really even need banks in that case? Imagine cash was only ever the accepted form of payment for anything. We would no longer be slaves to the institutions that support our excess. We would instead be slaves to our own desires and limits. We'd sacrifice, but we'd also be free.
Guess the banks really are to blame...as is our fault for depending on them.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment