Portraits of a Debtor: What It Really Means to Be in Debt
by Mogamahttp://mogama.info
“ A picture is worth a thousand words.” So, here are four visuals of what it really means to be swamped in consumer debt.
Portrait #1: The Debtor is Under a Curse of Interest Payments . The curse of debt is the interest payments that eat the heart out of the debtor's income. The pest of interest payments makes it almost impossible for the lifelong borrower to use his income to build wealth.
Portrait #2: The debtor is like a track and field Runner with a Boulder or Heavy Weight strapped to his back . In the developed world, the lending industry is the modern-day equivalent of economic slavery. If you and your income were free of debt, your income would go much farther, and you would reach your financial goals much faster. But the debt load is making it unlikely for you to get ahead. You want people to think that you're going somewhere in life by showing off all your borrowed stuff, but you and the lender know the real owner of those things, and it's NOT you.
Portrait #3: The debtor is an economic Slave in Bondage to the Lender, his financial Slave Master . Like a slave, the borrower must do what the lender demands. Like a slave, the borrower does all the work, but someone else ultimately gets paid. Thus the borrower becomes a clearing house; she gets paid only to pass her wages on to her owners. Like a slave, the debtor bears the scars while others wear the stars. Just like wise Solomon said long ago, the borrower is still slave to the lender.
Portrait #4: The Debtor is like a Prisoner in custody and under the watchful eyes of the Lender, who is like the Jailer or Prison Guard. The lender watches the borrower's every significant financial move just like a surveillance camera follows the moves of a prisoner.
There was a time when I would have called these portraits an exaggeration, but personal experience has changed all that. Every time I make a return trip to Africa, one of my primary concerns is how my monthly payments will be made on time to my lenders. Worse than that, when my father passed away some years ago, I was unable to go, because I was in so much debt, and I did not qualify to borrow the money I needed to pay for a plane ticket to West Africa. From what I was making at the time, if I had been debt-free, the trip to Africa would have been an easy one.
When I say debt is a curse, an impediment, bondage and a prison, I know that to be the case all too well.
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Article submitted Wednesday, January 06, 2010 & read 101 times.
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