Total Abstinence From Debt Is Almost Impossible In America

Tuesday, August 28, 2012, 2:00 AM | 6 Comments

There are many ways to get into debt. You get credit more than you need and then unable to pay it back. An example of this kind would be buying more square-footage home than you actually need. The result is more mortgage and probably Private Mortgage Insurance as well. More money going out of your pocket in maintenance and just in general upkeep.

Many folks have done it, they still do it and there is nothing to stop them in future either. The result is the last few years have seen more bankruptcies than any time in American history except perhaps in the so-called Great Depression.

Granted some bankruptcies were due to hardships – losing jobs and just general bad taste of the lousy economy. In that sense, most of us have suffered one way or another.

Blaming bad economy is so easy…

However, we must not blame the bad economy every time we take steps to our own financial destruction. Americans surely have taken many more steps in accordance of the general greed that the U.S. economy has created since its inception especially and greatly since the Big WW II.

We look up to folks who are hollow from the inside out and follow them indiscreetly and blindly I might add. The result is they may be able to work out their finances but in the process of following them, we dig up our own financial hole to fall into.

Most of the debt that Americans carry under their belt have been due to greed and just pure waste of their resources.

Experts have pondered deep into the American psych, scratched it a little and have come out empty handed. They have not figured it out completely without a shadow of doubt why Americans borrow but prefer not to think about paying it back let alone plan for it.

I don’t come from the land of plenty…

I come from a third world country. I was 23 years old when I came to the States and that was back in the 1970s. There is nothing plenty about the old country. Comparing to America, it’s like showing a lit candle in the face of the sun. [Did I say that right?]

I still have it engrained in my little gray cells (to quote Agatha Christie) that before I get credit (like purchasing with credit card) I must have a plan to pay it back in full and before the due date. The money I rent, I must pay it back intact. That ought to be the American way but sadly it is not.

On the contrary, it has seemingly become the American way to plan for borrowing but avoid planning to return the money intact to its proper owner within the mutually agreed upon period.

Can we ban new debt in our lives completely?

Not on your sweet life; No we cannot and we should not ban new credit in our lives. If we did, that in essence would be the end of our livelihood. We would stop living being Americans.

But we must plan realistically and act responsibly when we ask for credit before we even start paying it back.

Folks in heavy debt have been known to act irrationally not to mention irresponsibly in their lives. Heavy debt encourages risky behavior.

Folks find themselves struggling with heavy debt and they feel like they are drowning. If the debt is your own creating because of reckless and needless buying, then you got yourself into the debt mess you are in and you alone must deal with the consequences.

Wake up America…

Wake up America to the realities of your financial life.

  • When you plan for getting credit, plan for how you would pay it back.

  • Only a fool of the utmost would borrow and not plan for paying it back.

  • Don’t be a fool America!

In a Nutshell
There are two kinds of light – the glow that illumines, and the glare that obscures. ~James Thurber

Don’t be a copycat. Stay away from the glare that obscures and get you into more debt that will eventually send you to your financial death like it has done to millions of Americans in the last few years.

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