The above article has a lot of great points, he is right that the American people have become slaves to debt. please read it, and know how bad things are getting out there:
When most people think about America's debt problem, they think of the debt of the federal government. But that is only part of the story. The sad truth is that debt slavery has become a way of life for tens of millions of American families. Over the past several decades, most Americans have willingly allowed themselves to become enslaved to debtRemember the days when usury was illegal? Yes, it actually used to be.
Today there have been so many loopholes made, a credit card company can double your interest rate even if you have not been late on one payment or missed one, say from 18% to 30%! There are no laws to protect you, they will bury the loopholes in the "fine print" so to speak that 99% with no legal business law education do not even understand what happened as they notice their minimum payment doubling and sending them into default.
In other words the credit card companies hold all the cards, and now we have politicians who answer far more to the banking lobby, and why you, the consumer and American citizen, are punished for not being able to make your debts, the bankers get endless breaks. The "too big to fail" banks got their billions of dollars of bail-outs and some say trillions! So they get paid for failing and you, well, better be careful or the homeless shelter awaits.
Even if a bank goes out of business, and they are off the roster, they will sell your debt pennies on the dollar, so a junk debt dealer can go sue you, and empty your bank accounts or seize any property you happen to own. Think about that, the bank is out of business, it FAILED, but you are still on the hot seat. Most people going into debt now, are not doing it to fill up bags at the mall of knickknacks and clothing they do not need. They are doing it to fill the gas tank, to keep groceries on the table, and for unexpected expenses such as car repairs, dental problems or medicine.
The Squawker knows what it is like to not to want to use a credit card for food or necessities, but what do you do when there is other money there? Our jobs if you even have a job, pay so little now. People simply do not make enough money to match the demands of the economy. So debt becomes normalized and no one asks "How come so few can afford the basics like housing, medicine and food without going into debt?"
When did it become normalized for our young people to start off life with thousands of dollars in debt or for people to go into 30 years of indentured servitude just to live in a basic bungalow? That is an interesting question. Many have profited off the debt laden American life, but may it's time to question how and why it is being done.
Many say "Do not go into debt!", but how does one live life with no car, no home, or no college education? Perhaps we should question the whole shell game and how American people have been set up. I also think for our young people really examining and looking at returning to an earlier form of life, where community and family unity was part of day to day life is the only answer, but there they need others for support, others who are invested in them, instead of endless borrowed money to start careers or to have a home.
But how does one survive in this modern society when one is not given or able to obtain the tools, namely money to operate? They used the debt to fill the gaps and now too many have paid the price.
Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.