ON DEBT: 11-08-2009

ON DEBT: 11-08-2009

What America needs to understand is that the current banking system is a total jack. We have an entire society that lives in fear of defaulting on debt, because if they default on debt, they are unlikely to get more credit, and be so won’t be able to incur more debt. They will be unable to get that new SUV or house, and then, well then, life will almost not be worth living. If they can’t get their shit, the huge gaping hole of their lives emerges.

Debt is a drug. Just like nicotine. Once you taste it you need more of it. And stopping it is a bitch.

In some ways it’s worse that a physical addiction. Debt is subtle. It makes you feel richer than you are for a while and then crushes you if things ever go bad.

Think for a moment about what your life would be like if you had no debt. Some of my readers, hopefully a good many, will be able to say-I don’t know what you are talking about. I am not in debt.

To you, I salute.

But for most folks, with student loans, credit cards, and a mortgage, the idea of a life without debt is a pleasant thing indeed.

Most people, including people you might think as having it together, your doctor and lawyer friends for instance, are in way over their heads. The thing is they have the ability to service their debt and so, some of them, remain in the good graces of the system.

More tomorrow….