The Debt System – Personal Debt

Personal Debt

So I thought I would start with the debt system. There are really two debt systems, personal debt, which we will be talking about here, and then there is national debt which kind of falls under the Financial and Banking System. We’ll being exploring that in the near future. Personal debt is everything like unsecured credit card debt on up to student loans and home mortgages. This may be one of the most insidious of all the systems of control.

Credit Card Logos
The Slave Masters

Get ’em when they’re young!

The moment that many of our children reach the age of eighteen, credit card companies begin sending out pre-approved credit card applications to them   All they need to do is fill out a tiny bit of information about themselves and they, too, can get one these nice shiny pieces of plastic. It’s as simple as that.   Unless they have someone that has taught the dangers and ramifications of this, many of them will sign the dotted line. Especially in this “I want it now” instant gratification generation. Why they don’t teach any of this in school is beyond me. That really irks me.

This is exactly what happened to me. I received a pre-approved credit card application when I was about 20, well quite a few of them actually. But I finally filled one out and I got a shiny new card. My dad taught me about everything under the sun, but I don’t remember ever really talking about credit cards and what they can do to you if you’re not careful. But then again, maybe we did and I just wasn’t listening. Around that same time, I even watched my good friend sink into this hole. He got a credit card from the 76 Station by my house for a free T-shirt. Within 6 weeks he owed them almost $500. Mostly junk food and gas. And then he got a Visa and credit lines at different stores. The combined monthly payments were soon more than he could handle and debt collection calls and threats were a regular thing. He got into a debt consolidation program and it took him 3 years to clear everything up. I don’t think he’s had a credit card since.

Debt - Negative Balance Sheet
How did this happen?

My own fight with debt

Mine was never that bad. I did have more than one card at a time, maybe two or three. The most I had on one card one time was about $2,600. That was stressful enough for me. And then I would think about these people that had 10 or 12 thousand, some with 20! But $2,600 is a damn lot of debt. It just kept creeping up with various things we needed, actually needed. Not a big screen T.V., but still, it was debt we shouldn’t have gotten into.

I’m still paying on that one, by the way, so I am still in this system. I am still a slave. That is one of the reasons I’m writing this today. But the debt is getting whittled down to nothing and I, too, will never use another credit card.

So this topic may have to be broken up into several posts. I am veering off of the main subject and giving you a glimpse at my own finances. But maybe that’s where it should start. I, like too many others, am still a slave. I still have my shackles.

Until next time,

Stay free.

Comments, ideas or thoughts? Let us know!

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