Debt Slaves: 7 Out Of 10 Americans Believe That Debt ‘Is A Necessity In Their Lives’

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Debt Slave Debt Slavery Debt Bondage Debt Chains - Public DomainCould you live without debt?  Most Americans say that they cannot.  According to a brand new Pew survey, approximately 7 out of every 10 Americans believe that “debt is a necessity in their lives”, and approximately 8 out of every 10 Americans actually have debt right now.  Most of us like to think that “someday” we will get out of the hole and quit being debt slaves, but very few of us ever actually accomplish this.  That is because the entire system is designed to trap us in debt before we even get out into the “real world” and keep us in debt until we die.  Sadly, most Americans don’t even realize what is being done to them.


In America today, debt is considered to be just part of normal life.  We go into debt to go to college, we go into debt to buy a vehicle, we go into debt to buy a home, and we are constantly using our credit cards to buy the things that we think we need.

As a result, this generation of Americans is absolutely swimming in debt.  The following are some of the findings of the Pew survey that I mentioned above…

*”8 in 10 Americans have debt, with mortgages the most common liability.”

*”Although younger generations of Americans are the most likely to have debt (89 percent of Gen Xers and 86 percent of millennials do), older generations are increasingly carrying debt into retirement.”

*”7 in 10 Americans said debt is a necessity in their lives, even though they prefer not to have it.”

Most of us wish that we didn’t have any debt, but we have bought into the lie that it is a necessary part of life in America in the 21st century.

It has been estimated that 43 percent of all American households spend more money than they make each month, and U.S. households are more than 11 trillion dollars in debt at this point.

When it comes to government debt, that is easy for us to blame on someone else, but all of this household debt is undoubtedly something that we have done to ourselves.

It all starts at a very early age for most of us.  When we are still in high school, we are endlessly told about how important a college education is.  All of the authority figures in our lives insist that we should just try to get into the best school that we possibly can and to not even worry about how much it will cost.

So many of us go into staggering amounts of debt before we even get out into the working world.  We had faith that the “good jobs” that were being promised to us would be there when we graduated.

Unfortunately, in this day and age those “good jobs” end up being a mirage more often than not.

But whether or not we can find a good job, we still have to pay off all that debt.

According to new data that was recently released, the total amount of student loan debt in the United States has risen to a grand total 1.2 trillion dollars.  If you can believe it, that total has more than doubled over the past decade.

Right now, there are approximately 40 million Americans that are paying off student loan debt.  For many of them, they will keep making payments on this debt until they are senior citizens.

Another way that they get you while you are still in school is with credit card debt.

I got my first credit card while I was in college, and nobody ever taught me about the potential dangers.

Today, the average U.S. household that has at least one credit card has approximately $15,950 in credit card debt.

So let’s say that you have that much credit card debt and you are paying an annual interest rate of 17 percent.  If you only pay the minimum payment each month, it will take you 229 months to pay your credit card off, and during that time you will have paid $13,505.82 in interest charges.

In other words, you will almost have paid twice as much for everything that you originally bought with your credit card by the time it is all said and done.

This is why banks love to give you credit cards.  If they can get back nearly twice as much money as they originally give you, they get rich and you get poor.

Most of us get loaded down with even more debt when we go to buy a vehicle.  Instead of saving up and getting what we can afford, many of us end up getting the largest loans that we can qualify for.

In a previous article, I discussed the fact that the average auto loan at signing in America today is approximately $27,000.  In order to get the monthly payments down to a level where we can afford them, many of these auto loans are now being stretched out for six or seven years.  In fact, the number of auto loans that exceed 72 months has hit at an all-time high of 29.5 percent.

It is the same thing with home loans.

In the old days, it was extremely rare for a mortgage to be stretched over 30 years, but today that is pretty much the standard.

Sadly, most people don’t understand how much money this is costing them.

If you take out a $300,000 mortgage at 3.92 percent and stretch it over 30 years, you will end up paying back a grand total of $510,640.

In other words, you will pay for two houses by the time you are done.

Yes, we all need somewhere to live, and there are definitely negatives to renting as well.  But it is very important that we all understand what is being done to us.

And I haven’t even discussed one of the most insidious forms of debt yet.

Have you noticed that most doctors and most hospitals will never tell you how much something is going to cost in advance?

They get us when we are at our most vulnerable.  When there is something wrong with us physically, we are often desperate to get help.  So we don’t ask too many questions and we just go along with whatever they say.

But then later we get the bill and we are often completely shocked by what they have charged us.

If you are completely unethical, it is a great business model.  People that are extremely desperate and needy come to you and you don’t even have to tell them how much your services are going to cost.  And then once they leave, you send them an absolutely outrageous bill for whatever you feel like charging.

Frankly, I don’t know how a lot of people working in the medical field live with themselves.  In their extreme greed, they are ruining the lives of millions of ordinary American families.

One very disturbing study found that approximately 41 percent of all working age Americans either currently have medical bill problems or are paying off medical debt.  And collection agencies seek to collect unpaid medical bills from about 30 million of us each and every year.

Most of us will spend our entire lives paying off debt.

That is why we are called debt slaves – our hard work makes others extremely wealthy.

So is there a solution to this?  Please share what you think by posting a comment below…

  • K

    Well that pretty much explains, why so few see anything wrong with the economy, or the Government. It is just like them. Too many people who’s only identity is what they own. They go broke trying to be something they are not.

    • Travis Snodgrass

      I was just saying this very thing when someone wanted to talk about raising the minimum wage.

    • iris


  • Collin

    “WICKED DEBT FRAUD” (REVISED) The one and ONLY answer to the debt problem is to declare it null and void because of FRAUD! It is fraud because it is mathematically impossible to repay! It cannot be repaid because the interest is never created on the loan and that is fraud and fraud voids all! If we don’t void all out of thin air debt, the bankers will own almost EVERYTHING! We will be homeless slaves! They have a license to counterfeit! Can I counterfeit the money to repay the loan? Why not? They counterfeited it to lend it to me? If we even attempt to repay an impossible debt (All out of thin air debt) all we do is show our ignorance! The way to fix this mess is so simple a 3rd grader can figure it out! We void the fraudulent debt and everyone keeps ALL the items they have so called debt on! Then we can start to use a debt free currency and / or gold and silver! Then we will have a robust economy like never before — OR WE LET THE BANKERS STEAL EVERYTHING!
    I was in about the third grade when the news was talking about the national debt and I asked my dad “who do we owe money to? And who could possibly be richer than the United States? And where did they get the money?” And then my dad took a gulp off his beer and said “we owe it to ourselves!” I said “that’s the dumbest thing I’ve ever heard of!” That’s like me borrowing from my right pocket and setting fire to the interest and putting the rest in my left pocket! This was about 1972! But Dad was wrong! We owe it to international Bankers running the biggest Ponzi scheme on earth called The Federal Reserve System! And yes it really is this simple! The bankers have a shoe-in on ALL loans they make! All they have to do is stop lending and then start foreclosing on ALL debts! -meaning they now own everything that has a debt by having a license to counterfeit! So we #1 keep getting fleeced by continuing to pay this fraudulent scheme! OR #2 We declare ALL out of thin air debt NULL AND VOID because of FRAUD! And we keep everything we have so called debt on! MOST people don’t get this part! Every car, boat, house, machine, tool, farm,etc. has already been paid for by the fraudulent paper! So no one loses! (except the fraudsters) WE sure as hell can’t give it to the banksters! (let them steal it) AND IT DOESENT MATTER IF THE BANKERS FORGAVE THE DEBT BY 99% ITS STILL UNPAYABLE! (BECAUSE THE INTREST DOES NOT EXIST ) So when we void the FRAUD This will be the ultimate FRESH start for everyone! Share this if you want THE solution to the WORLD’S problems! If not, everything will continue to get worse until we have HONEST DEBT FREE MONEY and / or GOLD AND SILVER! And there is plenty of gold and silver! Just Divide the paper money (FRN) by the gold /silver and you have the value of them! NO MATTER WHAT IT COMES TO per OZ! Then we would be happy to work for SAY A ONE OZ. SILVER COIN A day ! Because a one OZ. silver coin (REAL MONEY) will buy what $100 – $200 or more did before the reset! THINK ABOUT IT! This is what Scripture calls the jubilee! “WICKED” Debt And the amount and size of the debt has nothing to do with it being mathematically impossible to pay! This fraud is so “WICKED” that even a $10 loan is a Ponzi scheme here’s how it works! I’m the new banks first customer, I borrow $10 @ 1% interest I now owe the bank $10.10 but ALL the money in the world is $10 the .10 cents doesn’t exist (BECAUSE THE INTREST IS NOT CREATED) so some one else has to borrow some so called money and I have to find a way to get .10 cents from them so I can repay my loan! Now say they borrowed $10 also now I somehow get .10 cents from them to pay my loan back! But now he is short .20 cents to pay his loan! Now you can see how a $100,000 house that will cost you $265,000 to pay off because you have to pay $165,000 in interest (THAT DOES NOT EXIST) is a GIGANTIC PONZI SCHEME! Now multiply that by millions of people in the U.S. and you can see how It turned into the monster debt we see today! And for the loans that do get repaid multiple people have to default on there loans for you to pay off your loan! NOW you can understand why we have a rapidly growing homeless problem! Now that is a WICKED debt money system that we must declare Void!

  • Captain Canuck

    Ok, this is where I have to chime in and champion Canadian Social health care. Great post btw.

    • krinks

      Yes, dying waiting in line is so much better.

      • Tony Smith

        You obviously don’t know what you’re talking about. Nobody in the UK has to mortgage their homes to get treatment. In 2005 I had a brain haemorrhage and it was six hours between seeing my GP and arriving at Queens hospital London. It was a three months stay, surgery and meals included. Not only was it free – completely free and never a thought about how much is this going to cost? – I was paid invalidity benefit to help me recuperate.

        After this I found a website where people who had suffered – or had family member suffer – a brain bleed, could share their experiences and problems. It was easy to spot the Americans because their lives had been shattered not so much by illness, but by mercenary medical practices. Some of them, even with insurance, were owing upwards of $100,000 for being ill.

        I sincerely hope Captain Canuck takes his “totalitarian drivel” back to Canada and keeps it there free from bad tempered idiots like you.

        • joe schmo

          Hahaha you sir are absolutely deluded. Who pays for all this suppposexly “free” healthcare? Crickets..

          • Tony Smith

            Taxpayers obviously. The US Government spends its money on bombs. We the British Taxpayer demand our government spends its money on health care.
            Watch Michael Moore’s “Sicko”. He, like you, can’t believe it’s so simple.

          • joe schmo

            Hahaha, we’re already taxed to death, and if you think its tax revenue that feeds the military industrial complex then you know nothing about the ponzi scheme that is the US federal reserve. Research it, educate yourself. 18 trillion in debt, trillions more in unfunded liabilities. So in order to prop up an already collapsed economy the US prints money out of thin air, with nothing to back it up. Its called fiat currency. It’s no where near as simple you make it out to be. Taxes can’t foot the bill for socialized medicine anymore than a bloated military…

          • Tony Smith

            Sorry, I’ve taken a bit of time to come back on this, so you probably won’t catch this, but I can explain a bit further.

            The UK National Health Service was introduced in 1948 when Britain was probably at it’s lowest ebb ever, saddled with debt from the recent war, and with a lot of it’s infrastructure wrecked and the population on food rationing. It had also lost it’s reserve currency status (Bretton Woods 1944) and was undergoing disintegration of the Empire. We could still afford a National Health Service. Indeed, we had to.

            The primary purpose of the NHS was to keep healthy workers in factories and on building sites. It wasn’t feely-cuddly stuff. It was needed to get Britain back on it’s feet. It worked and it was effective, and even the most ardent free-market capitalists endorsed it, including the medical profession.

            It would take full length essay to explain how the UK National Insurance works. It isn’t actually income tax – it’s a completely different revenue stream. It costs 5% – 7% of income and covers all medical care (except dentistry – we are English after all); cost of drugs; unemployment benefits; sickness and incapacity benefits; old age pension. It also pays for ‘costs of government.’ In other words it pays MP’s salaries and the Whitehall mandarins. We have noted that after cutting a billion pounds from the NHS budget, MPs awarded themselves a 10% pay rise.

            If NI payments are in the black, the excess goes to the Inland Revenue to supplement taxes. The only time it’s been in the red was for a few years during Maggie the Witch’s reign when she shut down the entire British mining, steel, and shipbuilding industries and put millions on the dole.

            It’s regularly under attack from crony capitalists whose technique is to wreck a national industry then sell off the fragments at pennies on the pound to the City of London and Wall Street bankers who can regurgitate it half as good and twice as expensive. This is what they’re doing in Greece at the moment.

            As far as researching and educating myself, I have to say that I try to do so. My knowledge of Britain and the British is first hand; my knowledge of the US is through whatever propaganda comes to hand, whether it’s New York Times, National Enquirer, Washington Post or Before It’s News. Or, indeed, Michael Snyders posts. So may I, in turn, suggest you do a little reading and research and educate yourself?

            First of all, watch Michael Moore’s ‘SICKO’. You have? You didn’t believe it?

            Try Forbes (Time covers the same thing)


            Google ‘US healthcare’, ‘national healthcare world rankings’ etc etc. Surely you don’t need me to explain how to research and educate yourself?

            And by the way, ha-ha-ha is not a refutation.

          • Logan Dismuke

            dude Michael Moore common what you need to look out for is sherai law

        • krinks

          You must not read much:

          The scandal of the patients condemned to die by waiting list shambles: Day 3 of the Mail’s expose of the Labour-run Welsh NHS
          . Long waiting lists means patients become too ill to be saved
          . Many are spending life savings to get private treatment
          . Nearly 1,400 patients annually wait at least a year for an operation
          . In England – 17 times larger – only 574 people suffer the same delay.
          PUBLISHED: 17:27 EST, 21 October 2014 | UPDATED: 17:45 EST, 22 October 2014

      • Gay Veteran

        enforce anti-monopoly laws and other consumer protection laws against all aspects of medicine and costs would drop by over 50% (see Karl Denninger’s website)

  • Linda Aguilar

    Check out Dave Ramsey- he is the one who got me out of debt.

    • Lex loathar

      Dave is a “paper bonds” rich man. He will soon find himself broke. If you don’t physically hold it, you don’t own it – i.e. MFGlobal

      • Tim


      • Zenithon

        The largest part of Dave’s investments are in property and the majority of his show and message is dedicated to getting out of debt, which is directly related to the subject of this article. I think Linda’s point was well put. I do see your point, but we can all play that game. You can’t eat gold and silver. You can hoard all the food you want but without guns and ammo to protect it, you won’t be the one eating it. Lastly, how long do you think you’ll last in a world gone so out of control that you have to try to hold off well armed hoards of hungry people trying to get at it?

        • Lex loathar

          I’m more worried about the hoards of US gubbermint “officials”, hoards of crazy out of control “peace officers” and hoards of sue happy lawyers than the well armed serfs, peasants and peons of this country.

          • Zenithon

            Pick your poison, I guess. Hopefully it doesn’t come down to any of that.

          • iris

            Yes!, But, Lex, it’s either, Gubmint, Gubment, or Gubmunt, the er is silent. (:

    • Dave Ramsey

      Imma Beast

  • krinks

    One example why this is. Fools have a iPhone they pay $800 for and $100 for access. Through Cricket you can have the same thing for $50 and $40 for access.

  • Tim

    “That is because the entire system is designed to trap us in debt before we even get out into the “real world” and keep us in debt until we die. ”

    Absolutely, Michael.

  • Avner

    The chains aren’t put on by force, they are worn willingly by the public by and large.

    • iris

      Unless you want to get out but don’t have the wherewithall to do so. Lord willing, they won’t close the borders to those outbound. “Come out of her, my people, so that you do not partake of her sins”. I love this country, I love my family, and wouldn’t leave them, but if not for them, I would have been long gone years ago. Where to go, though? God’s will be done. Heck, maybe tptb will solve my problem by euthanizing me in an internment camp for the overly conservative, lol! Easy way to go Home!

  • greyprepper

    Death and taxes… and debt!

  • DJohn1

    The problem I see is the United States of America capitalist system simply does not work any more.
    It turned bad around 1950 plus.
    The Congress changed all the rules over time.
    99% of the Congress consists of lawyers.
    We as a people are responsible in a way because we as a people elected them to Congress and allowed it all to happen.
    Much of that debt we speak of occurred because GM, Ford and Chrysler engineered cars to fail shortly after 3 years of service.
    I remember owning those cars. I remember Fords that did not even make it to 50,000 miles before they gave in. That car represented anywhere from 1/4 of my monthly pay to 1/3 of my pay.
    Housing literally back then advanced in worth by 4.5% per year.
    Back then wages were 10% of what they are today. But we had unions(as working people) negotiating wages to keep up with inflation. Now, not so much if at all.
    We, as a people, have been asleep at the switch for a good number of years and this is the result.
    When Nixon took us off the gold standard he literally devalued the currency so that the money supply was worth approximately 10% of what it was before he did this. He had no choice. Our country owed 400 billion dollars in pre-Nixon dollars. The government paid it back at the rate of 10 cents on the dollar because we went off the gold standard.
    So cars now cost 27,000 instead of 2,700. The payments alone are staggering. At least 1/3 of your monthly income.
    Unions were busted up in the 80s under Reagan and the labor board packed with wealthy Republicans. They literally disobeyed laws of this country and ruled in favor of companies 100% of the time.
    Democrat Bill Clinton signed the treaties to sell every one of us down the employment river when he was elected. They are supposed to be pro-labor. Not really, it is a lie.
    No one in 1970 understood what was happening.
    No amount of strike or negotiation could keep up with inflation.
    The next step was to take the jobs to third world countries and to India and China. Can you say sold again?
    Meantime, doctor bills went from $20 out of pocket to a health insurance plan paying $200 out of your salary in insurance premiums.
    Deductables went up as well. Under Obama, health insurance premiums have skyrocketed.
    Under the current system it is better to be broke than a wage earner making more than 20,000 a year. We all ready have socialist medicine in this country because no one can afford medical care under the current system. So you get sick, the medical people bankrupt you, and then you go on social medicine through government programs. Like welfare.
    SO someone please tell me why I should work for a living? Why should I save money in a bank? The system rewards hard work with a slap in the face.
    We have three classes of people in this country. The very wealthy is one. The working class is two. The rest of us on welfare of one kind or another is three.
    The number one rule of the very wealthy is if you work you are a fool.
    And that is how they treat the other two classes. They reward sloth with benefits. They kick the can down the road and the working class gets messed over time and time again.
    Canada does have a better socialist system than we do.
    They pay for it through their taxes.
    They pay for it with an outclassed medical system.
    And we are no better. We pay for it out of pocket. We go bankrupt.
    I have cousins in Canada. And when my cousin’s husband got cancer, he died. When my parents went back to England on social medicine, they died. Get the picture. In Florida, they kept them alive. In England and Canada, they die.
    And that is how Canadians pay for medicine. They die.
    It is in the Socialists best interest not to have those kind of liabilities. I suspect but cannot prove that the Hemlock Society is alive and well in both places. The allow people to die instead of trying to cure them when it becomes expensive. There are exceptions where they actually cure someone.
    But last year in Australia, one person had to sue a hospital to get a treatment that would have them recover from an extreme case of the flu. Vitamin C and D treatments are not in their ammunition to cure viruses and they should be.
    Until the government allows people to live debt free without all the catch 22s out there, then we will continue to be a slave labor nation.

    • E Pluribus Unum

      Absolutely correct! That’s why my family and I went off-grid 12 years ago. This is what I did:

      I chose to leave that forest of concrete, steel, and glass we call a city 12 years ago, and for far to many reason’s to mention in one post. When I was approximately 13 years old my mother gave me a book of quotations to read. The book contained thousands. Then one day I came across this quote by a billionaire,John D. Rockefeller. He said “We will build them cities and they will have the freedom to leave work and go home but they will return to work for us every morning for the rest of their lives. Yet, they will own nothing”. It wasn’t until 27 years later that I understood exactly what that quote meant, and why it was spoken. I then left the corporate world disillusioned by the fact that one day technology would be used against people. I worked in the research and developement department of a well known company that still exist’s on a global scale. For moral and ethical reason’s I simply left the lab I worked in one day and never went back. My parent’s of course were shocked and somewhat angry. Feeling as though I had just thrown away 6 years of college education. I then went to work for my fathers construction company for the next 12 years. In retrospect, if I had not done that, I would not be where I am today. Though I am not the engineer my father was by no means, I learned to build things. Creating and building things gives a man a sense of enormous pride. I was proud to ride around with my father looking at buildings in San Francisco that he helped build. So, I took my earnings and cashed out my Roth IRA and spent most of it travelling for the next three years. Visiting 8 different countries in the process. Being that I was naturally attracted to nature spending time alone with my dog in such places as the Grand Tetons,the Kaibab National Forest on the northern rim of the Grand Canyon, and in Desolation Wilderness in the Sierra Mountains that I would soon settle down here in the Rocky’s. I am at home now. Finally off the hamster wheel of a society that only acknowledges people as a labor resource. I always felt used and unappreciated in city life. My son and I built our home here with our own two hand’s. A meager investment of $20,000 for 18 acres of land and another $12,000 to build a 1500 sq ft home that mind you would of cost almost $90,000 had a building contracter done the job. Our home is powered by Solar panels so electricity is free. We drink pure artesian well water and grow about 40% of our food in our greenhouse. The rest of our food comes from friends who grow food also. There is no money involved because most people in our community barter for what they need. So, the element of greed is taken out of the purchasing equation. There is no need for profit. Any meat consumed is aquired by hunting or from friends or neighbors that raise livestock. Many have come and are still coming from cities to enjoy the peace and quiet of a stress free life. Those who do not stay, do not because they could not leave behind the city life mindset. This is not for everyone. You must love and appreciate pure air, pure water, natural food, friendly people, and most of all, freedom. And I don’t mean freedom in the philosophical rhetorical sense. Nature abounds without fences or cages. It is wonderous to watch a herd of elk walking across your land in the morning fog or hearing the screech of raptors soaring high above. To see a mountain lion or a bear and her cubs walking through the woods is very surreal. Nothing like visiting animals caged at the zoo. This freedom is not only about doing what you want but taking responsibility for your daily life in all it’s aspect’s. Freedom from bills, freedom from the hassles of banking, freedom from rampant crime, freedom from so many rules and regulation’s imposed on people to control them and squeeze every hard earned dollar they can out of them. Life can be simple if you have the desire to make it so. Whether you may agree with my choice or not, I would wish that all human-beings awake each morning to their own truth. To experience each day of life deciding for themselves where they will go and what they want to do each day without external influence or manipulation. Peace

      • DB200

        Great and inspiring story!

        • Renaissance Man

          Thank You. I wish the same freedom and contentment for everyone who has the desire and will to do so.

  • E Pluribus Unum

    “We will build them cities and they will have the freedom to leave work and go home but return to work for us every morning for the rest of their lives. Yet, they will own nothing. (Rockefeller 1906)
    “The American Dream….you have to be asleep to believe it” (George Carlin)

  • Sandbagger

    Awhile back, the company with which we had our mortgage (now paid off) called and asked if they could help us with any new loan needs. I politely said, “no, thank you”, that we were debt-free and planned to remain that way. The salesperson on the phone was quiet for a minute and then said, HE HAD NEVER HEARD of BEING DEBT-FREE!

    Can you imagine? A whole generation (he was younger than us) has grown up with the notion that nobody is free of debt. How sad.

    I suggested he check out Dave Ramsey. I don’t know if he ever did, but his company must have taken us off their call-list!

  • Turd Burglestein

    I’m ready to just od and end it all. This planet sucks anyways.

    • Q

      “I don´t want to live on this planet anymore.”

  • Jim Clark

    I don’t have any debt but then unlike most Americans I have working brain cells. No sympathy for stupidity.

    • Guest

      Actually your share of the national dept is over $1,000,000. If your home is paid for you still owe property taxes. Aka rent to the Government.

  • piccadillybabe

    A current example of how some doctors spend their bounty is to go on an endangered species killing spree to the tune of $50,000, wow! Had a hard time wrapping my mind around the untimely demise of Cecil the beloved Lion who was not protected in the preserve he was in and was murdered by a US medical professional on a “sport killing” mission. Talk about new lows in the medical community!

    • iris

      And I read this morning that MSM gave the spot more air time since this was discovered, than they did for the last two weeks re: aborted baby parts for sale. MSM is a bad joke.

    • Logan Dismuke

      what about plan parenthood 1st of all lets worry about human life then we can take on the animal

  • shadows_edge

    So what happens to all this debt from all the different sources for all of the usa when the economy hits a wall when ever that may be. Obviously banks and credit companies are going to forgive the debt and eventually people will go bottums up on their payments houses and cars can be repo’d but what about credit cards? They going to repo your stuff and sell to no one because most will b in the same boat…

  • Guest

    The new American Dream is to buy back the home you lost in the last Bubble burst. The lucky ones will get to go back into debt with a mortgage. Incidentally, [mort] from the dictionary means DEATH! Mortgage = never ending debt.

  • Useless Eater

    “So is there a solution to this?”
    You are joking, right?
    I mean, what, having no debt didn’t occur to you? Even after all that?

    • Useless Eater

      I have the perfect article for you to read. It’s called “Debt Slaves: 7 Out Of 10 Americans Believe That Debt ‘Is A Necessity In Their Lives’”.

  • DB200

    Michael, you touch a lot of topics related to debt. I do not fully agree with you as there is one debt that is (almost) unavoidable: mortgage. And there is nothing wrong with taking on a mortgage as long as it doesn’t exceed 20-25% of your net income, you can fix things yourself and your intention is to live a longer period in the house you buy.

    I see the interest payments on mortgage equal to paying rent. With the difference that you get some money back on the interest payments when you fill in your tax form. Rents will increase every year, sometimes with more than 5%. If you choose for a long term interest fixed period e.g. 10 years, your “rent” will be fixed for ten years and even fall when you start paying your mortgage back if your mortgage is an annuity based. Paying your mortgage back is better than saving. In our case, In 2003 it was cheaper to buy a house then to rent, although I knew that housing prices were in a bubble after reading an Economist article. I started with paying back parts of the mortgage from 2004 onwards. And now, 12 years later, my monthly “rent” is a pittance from what I would be paying when I would have rented a house.

    And credit cards can be handy things, as long as you settle the balance immediately the same month and hence avoid interest payments. This advice was given by Warren Buffet in the early nineties.

  • Kent Harris

    The medical industry IMHO is the most corrupt. I had to go to the ER for kidney stones and got a bill for $16,000 for only being there for about an hour or so. I hate the medical profession as much as the legal profession because they rob us of our savings.

    • Liberty First

      I understand your hatred of both, but can tell you that I recently started practicing law a bit on the side because I have become so aware and disgusted of how Big Business and Big Govt. fascism are running roughshod over our lives. Used to be a defense lawyer long ago and despised plaintiff lawyers. Now I see the work that many are doing for everyday people and have adjusted my perspective a bit. But no doubt there are some really bad lawyers as well as doctors out there as well.

  • Reality sucks

    I sold most of my stuff to be debt free, except for the mortgage. Unless you have rich parents, you have to get one because nobody normal has enough money to pay cash for a house. So you either pay someone else’s mortgage (rent) or get your own house for half the price.

    I’ve looked into all that going off the grid, buy cheap land, get a trailer, etc. By the time I added the costs up, it would be more expensive than my house payment. Sure I could buy a house for 30k somewhere, but I looked into that too and those houses all need 30k worth of work to make them habitable OR they are located in the ghetto. I have kids and we are white, so I’m not moving into the ghetto and having bad things happen to my kids. The white trailer parks cost a couple hundred a month to park your trailer there and then you get to live in a place that’s full of child molesters. Don’t believe me? Do your research. There’s nothing wrong with being poor, but when you live in a poor community you are stuck with gangs, drugs, hookers, and rapists all over the place.

    They have us trapped good. The only hope is for everyone to get together and REFUSE to pay the debts and taxes. But we are all too afraid to make a stand because we know our fellow Americans will not back us up, and off to jail we go.

    • Amy

      Um… It’s actually not legally required to pay for taxes. It is once you submit paperwork, you are actually consenting to an obligation to pay taxes that you wouldn’t have to otherwise unless you held public office. I’m surprised by so many of the comments on here making it clear that most Americans still aren’t aware of your STRAWMAN, Hoover’s most important bill that changed everything in 1933, the IRS and the Federal Reserve (both non government agencies), and NESARA. PLEASE LOOK THESE THINGS UP SO YOU UNDERSTAND WHY WE ARE HERE AND TRUTH. Knowledge is so powerful at this time and you will not hear this in the American history version taught in schools. Be kind, be well.

  • sre

    Well, about the medical establishment in this country: My youngest son (36 years old) has colon cancer. It has disabled him, so I pay his bills as well as my own. I am not rich. You should see some of the medical bills he gets after his insurance pays “their portion” Are these people really ghouls in disguise?

    • Quetzol-43

      Yes, yes they are!

      You are not alone, not by a loooong shot.

  • phillyfanatic

    One reason that so many Americans think debt is OK or at least a given , is that they have been brainwashed by teachers, profs from the NEA union type groups that the US keeps them in debt on purpose and they must have govt. aid to succeed against these horrid conservs or libertarians. The Dems have made a victory lap in elections on telling people they are doomed by debt unless they get perks from Dem elected officials. Meanies do not want them to get these perks . Those conserv, Christians, Pubs and Trump-Walker-Cruz, you know!!!!???

  • Enzo

    Sad thing is out of the 7-10 of those without debt, many are renters in worse shape, rents can go up and will over 10 years, mortgages are typically fixed for 30 years and historically over 30 years rent have increased at least 4 fold. Borrowers should only buy homes they qualify on with year mortgages so they are debt free in 15 years or less.

  • planckbrandt

    The solution is to get rid of the bank credit money system and setup mutual credit and LETS systems all over the US so we can all do business for each other without the need for any money whatsoever. These systems are being setup all over Europe now precisely because they know what is coming as banks decide to use the national centralized bank credit currencies for speculation more and productive economy less. This is the reason there is so much permanent long-term unemployment. Banks favor speculators for making loans more than people who make real goods and services. There is no way for households and states to escape permanent debt when the money itself is created as debt. There is no alternative but to change this system.

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  • Tom kauser

    Creditors need to get paid back or done away with! The obligation does not care how the payback is made?

    • iris

      Yes, it’s a well oiled machine.

  • Teresa Dean Smeigh

    I lost half my already pitiful income when I became disabled and went on SSDI. Unless I go bankrupt, which costs a lot of money too, I am going to be homeless when my 83 year old father passes. I see no solution. I try to pay down the credit cards but the medical bills just keep coming. I am disabled so plenty of medical bills, never ending.

    • iris

      I’ll be praying for you, Teresa! Do you have friends, neighbors or relatives besides him, where you could possibly have a room? If there is anything you can do with your mind, and you sound quite cognizant, could you trade services for room and board? God bless!

      • Teresa Dean Smeigh

        Thank you Iris. I have 3 kids one is homeless here with dad and I and the other 2 do not have extra rooms. I am not sure what the answer will be, but I trust in
        God to guide me through it. Bless you!

        • iris

          Thanks, Teresa!

  • iris

    Thank you, dn. I just read about the Headley family. This isn’t the first time I’ve heard of boundaries being overstepped so abusively by the ptb. And this looks to be a very stable, responsible and loving set of parents. What a senseless, devastating mess.

  • Joe

    Dave Ramsey’s program also got me and my wife completely out of debt and our house is now 2 years from being paid off and values at $200,000.
    And credit cards…who needs them! Here’s a Dave concept: live on less than you make America!
    To those that say Dave Ramsey’s plan doesn’t work, well I’ll sit back and laugh all the way to the bank with my completely debt free life at age 40! No debt whatsoever once the house is paid off! It’s actually the only remaining debt we have.
    And taxes, they will always be there so that’s a weak argument when anyone states the “you’ll never be debt free because of taxes blah blah blah”.
    Bottom line; credit kills your future and ensures a lifetime of slavery!

  • emmanuelozon

    Cut my credit cards up in 1984. Haven’t used credit since. Have a debit card, but only use it to remove cash from the bank. I may not live an opulent life style, but I have zero debt. And lots of cash.

  • Jake Zombie

    Big talk about system being designed to trap us, but in the end you’re only in the trap because your parents felt like having babies they couldn’t pay for. And now it’s your life – your problem.

    • Logan Dismuke

      not true the lust for more is the reason people have children all the time and feed them with out debt the thing for Americans is we need phones tvs we need trips to Disney world trips to the beach and take a good look at most people way over weight I serve for 2different groups to the (homeless) and they aaaaaaaarrrreeee all over weight and just found out that most of them are receiving checks from the government some of them are getting more money than my father and he worked 65years in this country, if you take morals out greed over takes us but you can bet we do not need a socialist or communist country.(we are headed that way)

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  • Liberty First

    “Frankly, I don’t know how a lot of people working in the medical field live with themselves.”

    I never thought I would say this, but Amen. They used to be mostly great people. Now far too many are simply scam artists.

  • ahuxley

    One insidious aspect of our debt peonage that this article failed to mention is that banks and credit card issuers contribute absolutely nothing of real value to acquire the “money” that they “lend” to us.
    They create that “money” out of thin air. We have to work hard to acquire the money to pay these parasites back while they merely sit back and rob us blind.