Thursday, January 28, 2010

Debt Peonage

I believe that any form of debt makes us a slave. Having a debt means that we need an income to pay installments on those debts. Without a debt all we need is a sustainable income or savings to survive. Without a debt we can take a break from our jobs, without a mortgage we can move our life to a new city. Debt imprisons us in our mediocrity and prevents us from taking risks. Debt seems to help us by not having to put our life on hold until we have money. However, are we holding ourselves back in future by not willing to put our life on hold at present? Some debts, such a student loan (leading to high paying jobs), mortgage (within means), business loan (for well thought out ventures), may bring us more prosperity later. However, until debt is paid off we are slave to our debts. Thus, we should take on to this peonage only after acknowledging its true demands.

No comments:

Post a Comment