About Debt

Recently, I had a conversation with a friend about finances. Essentially, I was trying to convince him that the whole mindset most people have about debt being “natural” and okay is hugely flawed. Even Shakespeare advises against it. In Hamlet, he writes:

Neither a borrower or lender be

For loan oft loses both himself and friend

And borrowing dulls the edge of husbandry

We all know how the stress of debt changes people. It eats away at them like a virus, especially when the amount they owe seems insurmountable. Debtors also risk losing their sense of self-sufficiency, of being able to save for things, of developing a dependency on a system that discourages the accumulation of wealth. Similarly, lenders of credit must be cautious against greed, against the loss of humanity, against the root of all evil.

So, this one friend I have says he’s content with debt. Of course, he’d rather not have it, but he accepts his condition and is working to get out of it. But getting out of it is not one of his biggest goals. When I confide that getting rid of my debt is crucial to me and that I think it should also be crucial to him, we end up arguing about it.

What is wrong with wanting to be debt free? What is wrong with wanting to keep the money you earn? This isn’t even about wanting to become a millionaire, but if it happens, what is so wrong with obtaining such a level of financial independence?

Part of simplifying your life includes getting rid of the shackles. Debt is a shackle, a hindrance. So, why on earth do people cling to it?! Why do people when made consciously aware of the dangers and limitations of having debt continue to hold on to it? Why don’t they fight for their lives back?!

My friend holds a belief that I am supposing many other people (and our government) subscribe to. Whether they voice it or not, their actions show that they are comfortable with debt and that in some cases, they have no intention of paying it off anytime soon. In fact, they would just as easily accumulate more debt than look for ways to pay it off faster or pay it off at all.

I don’t have a solution for them, but I do know that for me, controlling and conquering my debt is a top priority. I realize I will not have everyone’s support on this (and by “everyone,” I mean society and friends and family who believe that having debt is okay), but in an earlier post, I talked about how sometimes a person just has to be willing to go out on his or her own. It looks like I will have to do more agreeing to disagree in the miles still left in my journey.