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  • Wendell Brock

Debt Is Bondage

These days more and more Americans are finding themselves in debt. Debt is a heavy burden to bare. The more in debt we become the heavier that burden feels. Once in debt the borrower becomes a slave and their debt is bondage. How is it so many people become trapped by debt? Usually it comes down to the interest you incur on that debt.

“Interest never sleeps nor sickens nor dies…it has no love, no sympathy; it is as hard and soulless as a granite cliff…Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away form it; you cannot dismiss it. It yields neither to entreaties, demands, or orders; and when you get in its way or cross its course or fail to meet its demands, it crushes you.” -J. Reuban Clark, Jr.

Debt is something that has followed mankind from ancient times to modern day. Countless leaders have advised against the plague of being in debt and the shackles it places on our abilities to progress and do the things we’d like to. Benjamin Franklin counseled, “Think what you do when you run in debt. You give to another power over your liberty.”

Don’t ignore your debts. When you are in debt you become a slave. In essence the debt becomes your task master and it owns you and your commitment until the bill is paid in full. Ignorant or irresponsible borrowers may find themselves ensnared by this financial captivity, struggling desperately to escape its clutches. Debt is inflationary. When you buy on credit you’re really buying at a higher price. This is in part due to rising inflation rates in the economy, but even more so with our own personal inflation rate- the escalating cost of living for our own families. When we purchase things on credit, not only do we pay interest, but we end up purchasing an item far greater than we can afford in the first place. Over time, this contributes to the inflation rates for our individual families. It can seem like a long dark endless tunnel. No one should have to feel helpless in their finances. Remember that little steps, small changes, and dedication is all it takes to start the process of regaining control of your finances. The next step is to stop borrowing and focus on saving. If there is something you want to purchase exercise self-control and set money aside for it.

Keep track of your spending and use a budget. By setting a budget and living within that budget obstacles created by debt will crumble away and the light at the end of the tunnel will begin to shine through. “If there is any one thing that will bring peace and contentment into the human heart and into the family, it is to live within our means,” insurance executive Heber J. Grant once expressed. “And if there is any one thing that is grinding and discouraging and disheartening, it is to have debts and obligations that one cannot meet.”

One way to avoid debt in the first place is to make purchases with cash. By doing so we can put a brake on our spending. People who have the cash or can write a check for the purchase of an item usually end up making much more modest purchases than those who buy on installment credit.

Avoiding debt bondage is a “happiness law.” When we undertake debt it’s often for things on our “want” list. Uncontrolled wants are insatiable. If you allow your wants to preoccupy your mind, you will never be satisfied. You will never find peace of mind, security, or happiness, only bondage and misery, thus we diminish our capacity for “happiness” experiences. Understand that freedom, peace, and contentment come into our hearts when we live within our means. Peace, prosperity, and success come to those who have interest working for them rather than against them. Pay your debt and enjoy the freedom that comes from it.


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