Perhaps one of the most dangerous financial situations someone can be in is that of debt, because debt is financial slavery. If you’re in debt to someone, they can sue you and confiscate some of your wealth. In 4 states (including the state where I live) they can put you in jail at least for a few days. Debt is slavery.
But we all know debt is usually a bad deal — sure, it can be for good reasons, but the debt itself isn’t something anyone likes to have. But why you should get out of debt right now? What’s so special about our current economic situation that should require you to focus on getting debt free as fast as possible?
Read on to find out:
Debt Will Sink You
As I wrote about earlier today, I believe that America is committing economic suicide — and this is not just any typical American economic cycle. This seems to be absolutely unavoidable. In light of the economic demise of the US, I’ve written other guides, such as how to prepare for the fall of civilization. I’ve also answered questions, like will people use gold after an economic collapse?
These articles have been some of the most popular on this entire website, and for good reason: most economists are starting to suspect that we’re leaving a recession and entering a depression. What’s the difference between a recession and a depression? A depression lasts longer and hits harder.
In other words, there’s a leak in the ship. I don’t think the leak can be plugged, and I’ve made that clear — but some people think the ship can be saved. But either way, having personal debt right now is like walking around the titanic with chains instead of a life-vest. It just doesn’t make any sense at all.
Debt Is Enslaving You
Even more on a personal level, debt is enslaving you. You need to keep your income high enough to pay the debt, you have to pick a job that can feed your debt, you can’t take a year-long vacation — debt is restricting you constantly.
I’ve been debt free for almost a year now, and it’s changed everything about my life. I can take vacations if I want, paycuts if I want a different lifestyle — I’m in control of my life. Forget economics and doomsday — being debt free is just superior to financial slavery.
How to Get Out of Debt
I’ll be writing more about this in the future, but suffice it to say, getting out of debt isn’t rocket science. In the end, you need to pay off the debt. That’s how you get out of debt. And there are only a couple of ways to do this:
- Make more money. Get a second job, make money online, or find an extra income. Take every penny and put it towards your debt.
- Save more money. Find an expense to cut. Downgrade your car, apartment, house or something else — it’s not a step back, because you’re in debt — getting out of debt is the real step forward.
- Make it automatic. Get a debt consolidation. Now find an online bill paying service. This makes your debt shrink automatically. That is, if you stop going into more debt — but that should be a gimme.
As I said above, I’ll be writing more about this in the future, so stay tuned. If you have found any great “get out of debt” resources, feel free to contact me using the contact form above. Thanks!
Tags: american economic cycles, debt, debt free, economics, get out of debt