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

Dept is destroying the American family and creates a feeling of hopelessness.

sentinelblog

Source: The End of The American Dream blog, by Michael Snyder

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…

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About SimpleLivingOver50

At 53 years old I am starting to realize how life changes both physically and emotionally. I strive for a life of simplicity. I am winning the battle with type II diabetes, created a plan to have all debt paid off in 4 years including the house, taking advantage of every opportunity to live life to it's fullest through adventures in nature, hiking, biking, loving and learning.
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16 Responses to Debt Slaves: 7 Out Of 10 Americans Believe That Debt ‘Is A Necessity In Their Lives’

  1. As the song goes: Saint Peter don’t you call me ’cause I can’t go. I owe my soul to the company store.

  2. Once I thought going for a loan in the bank and making monthly payments will be a hard way to live, so I refrained from doing that because I don’t want to be in debt. After about ten years, I realized that those I knew that went for loans to buy houses were living better. It depends what the debt is, but many plan their lives successfully while in debt.

    • This is true and when we plan wisely we learn to pay it off quicker. Even when we do borrow I choose a local credit union verses a big bank to try to keep a healthy flow on money circulating in my community. Your right though, there is no way around it.

  3. James says:

    You’d love my wife. She hates debt. Her financial habits have kept us out of more than one disaster.

  4. hsampson says:

    This is actually a global problem.

  5. Sean Smith says:

    When the Roman’s colonized an area, they used debt as part of their way of subduing the local culture to the roman culture. I wonder how many people running the country see debt as a ‘normal’ state. It seems interesting that the national banks are such big campaign contributors.

    As for our family, we are working diligently to make sure we get out of debt and stay out of debt. I wish the type of strategic thinking and discipline required to do so was taught in schools.

  6. Layla says:

    Whoah, I wish I could say we’re doing so much better in the Netherlands. But a lot of people get into trouble right now because of loans, they thought they could get a house on max. mortgage because houses could only increase in value, but our latest crisis shows that’s not reality anymore. Credit Cards aren’t very common here, I have one, but I have to pay it back every month back in full and I have a max of 1000 euro’s. But with the new way students have to pay for their study’s I expect people will get more and higher depts…

  7. webbermd says:

    My wife and I managed to finally become debt free after 16 years of marriage. We have been living debt free for the past five. We even went a step further and live off grid, so no utility bills whatsoever. Anyone can do it with a couple decades of patience and dedication. The worst debt we had was student loan debt. A trap set for every young adult to indenture themselves for 10-15 years if they are lucky.

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