The Gifts of Debt
Debt is both a curse and a gift. Debt can ruin you. Debt can also set you free to create a life of abundance. How is it possible that debt can have such different effects? In the theaters of ancient Greece, actors wore masks to represent tragedy or comedy. Debt also wears two masks. One face is familiar to us. It kicks us when we are down, squeezes us when we are broke, hounds us when we can't pay. It doesn't take much imagination to recognize this face of debt. This type of debt robs people of their lives. This debt can and does ruin people.
This face of debt is particularly acute at this time of year. January is the month when many people open up credit card bills and wonder how they will pay for the Christmas gifts they bought on credit. It doesn't take much imagination to outline all of the ways that debt can ruin lives.
Yet, debt has another face. This face of debt can be a great gift to those who recognize it and use it well. Why? Debt allows you to take advantage of someone else's money to buy something you could not afford to buy. Debt allows you to do and be and have what you could not do on your own.
Let's start with mortgages for houses. Few people can afford to buy houses with their own money. You can probably buy a cartload of groceries, a meal at a nice restaurant, and some new clothes by pulling cash out of your wallet. But when you want to buy a house, how many people have enough money in their checking accounts to be able to buy houses for hundreds of thousands of dollars?
What is the solution? You take out a mortgage. A mortgage is a just a fancy word for debt. You borrow money to buy your house. And because of this mortgage debt, you have a house you can call your own.
What else does debt give you? Debt puts college in reach for millions of people who could not afford to pay tuition up front.
Debt also allows you to start a business, using someone else's money, when you don't have enough money of your own.
I can imagine that you might be thinking: Banks and lenders are making a profit on all of this debt. And besides, you are paying dearly to borrow the money. What about the interest rates? What about the endless fees? What about the banks that overcharge? All of this true. Banks and credit card companies can be downright usurious in their charges, especially for anyone who gets in trouble and falls behind in payments.
And it is also true that debt can be a great gift because it gives you a start. You borrow money to buy a house you could not afford to buy without it. You borrow money to start a business when you don't have enough to get started. You start school you could not have started without the borrowed money. These are only a few examples of the gifts of debt.
Consider this. The only reason you have debt is because someone with money believes that you will repay the money. And with the money, you are able to do something you could not otherwise afford that will change your life for the better.
Debt has two faces. You can also choose what face you will wear in front of debt. You can wear the face of fear. You can be angry at your creditors and upset with yourself, or you can put on the face of gratitude that someone trusted you enough to loan you money for you to have and create and be what you could not have or create or be with your own money.
This face of debt is particularly acute at this time of year. January is the month when many people open up credit card bills and wonder how they will pay for the Christmas gifts they bought on credit. It doesn't take much imagination to outline all of the ways that debt can ruin lives.
Yet, debt has another face. This face of debt can be a great gift to those who recognize it and use it well. Why? Debt allows you to take advantage of someone else's money to buy something you could not afford to buy. Debt allows you to do and be and have what you could not do on your own.
Let's start with mortgages for houses. Few people can afford to buy houses with their own money. You can probably buy a cartload of groceries, a meal at a nice restaurant, and some new clothes by pulling cash out of your wallet. But when you want to buy a house, how many people have enough money in their checking accounts to be able to buy houses for hundreds of thousands of dollars?
What is the solution? You take out a mortgage. A mortgage is a just a fancy word for debt. You borrow money to buy your house. And because of this mortgage debt, you have a house you can call your own.
What else does debt give you? Debt puts college in reach for millions of people who could not afford to pay tuition up front.
Debt also allows you to start a business, using someone else's money, when you don't have enough money of your own.
I can imagine that you might be thinking: Banks and lenders are making a profit on all of this debt. And besides, you are paying dearly to borrow the money. What about the interest rates? What about the endless fees? What about the banks that overcharge? All of this true. Banks and credit card companies can be downright usurious in their charges, especially for anyone who gets in trouble and falls behind in payments.
And it is also true that debt can be a great gift because it gives you a start. You borrow money to buy a house you could not afford to buy without it. You borrow money to start a business when you don't have enough to get started. You start school you could not have started without the borrowed money. These are only a few examples of the gifts of debt.
Consider this. The only reason you have debt is because someone with money believes that you will repay the money. And with the money, you are able to do something you could not otherwise afford that will change your life for the better.
Debt has two faces. You can also choose what face you will wear in front of debt. You can wear the face of fear. You can be angry at your creditors and upset with yourself, or you can put on the face of gratitude that someone trusted you enough to loan you money for you to have and create and be what you could not have or create or be with your own money.
Debt is both a curse and a gift. Debt can ruin you. Debt can also set you free to create a life of abundance. How is it possible that debt can have such different effects? In the theaters of ancient Greece, actors wore masks to represent tragedy or comedy. Debt also wears two masks. One face is familiar to us. It kicks us when we are down, squeezes us when we are broke, hounds us when we can't pay. It doesn't take much imagination to recognize this face of debt. This type of debt robs people of their lives. This debt can and does ruin people.
This face of debt is particularly acute at this time of year. January is the month when many people open up credit card bills and wonder how they will pay for the Christmas gifts they bought on credit. It doesn't take much imagination to outline all of the ways that debt can ruin lives.
Yet, debt has another face. This face of debt can be a great gift to those who recognize it and use it well. Why? Debt allows you to take advantage of someone else's money to buy something you could not afford to buy. Debt allows you to do and be and have what you could not do on your own.
Let's start with mortgages for houses. Few people can afford to buy houses with their own money. You can probably buy a cartload of groceries, a meal at a nice restaurant, and some new clothes by pulling cash out of your wallet. But when you want to buy a house, how many people have enough money in their checking accounts to be able to buy houses for hundreds of thousands of dollars?
What is the solution? You take out a mortgage. A mortgage is a just a fancy word for debt. You borrow money to buy your house. And because of this mortgage debt, you have a house you can call your own.
What else does debt give you? Debt puts college in reach for millions of people who could not afford to pay tuition up front.
Debt also allows you to start a business, using someone else's money, when you don't have enough money of your own.
I can imagine that you might be thinking: Banks and lenders are making a profit on all of this debt. And besides, you are paying dearly to borrow the money. What about the interest rates? What about the endless fees? What about the banks that overcharge? All of this true. Banks and credit card companies can be downright usurious in their charges, especially for anyone who gets in trouble and falls behind in payments.
And it is also true that debt can be a great gift because it gives you a start. You borrow money to buy a house you could not afford to buy without it. You borrow money to start a business when you don't have enough to get started. You start school you could not have started without the borrowed money. These are only a few examples of the gifts of debt.
Consider this. The only reason you have debt is because someone with money believes that you will repay the money. And with the money, you are able to do something you could not otherwise afford that will change your life for the better.
Debt has two faces. You can also choose what face you will wear in front of debt. You can wear the face of fear. You can be angry at your creditors and upset with yourself, or you can put on the face of gratitude that someone trusted you enough to loan you money for you to have and create and be what you could not have or create or be with your own money.
This face of debt is particularly acute at this time of year. January is the month when many people open up credit card bills and wonder how they will pay for the Christmas gifts they bought on credit. It doesn't take much imagination to outline all of the ways that debt can ruin lives.
Yet, debt has another face. This face of debt can be a great gift to those who recognize it and use it well. Why? Debt allows you to take advantage of someone else's money to buy something you could not afford to buy. Debt allows you to do and be and have what you could not do on your own.
Let's start with mortgages for houses. Few people can afford to buy houses with their own money. You can probably buy a cartload of groceries, a meal at a nice restaurant, and some new clothes by pulling cash out of your wallet. But when you want to buy a house, how many people have enough money in their checking accounts to be able to buy houses for hundreds of thousands of dollars?
What is the solution? You take out a mortgage. A mortgage is a just a fancy word for debt. You borrow money to buy your house. And because of this mortgage debt, you have a house you can call your own.
What else does debt give you? Debt puts college in reach for millions of people who could not afford to pay tuition up front.
Debt also allows you to start a business, using someone else's money, when you don't have enough money of your own.
I can imagine that you might be thinking: Banks and lenders are making a profit on all of this debt. And besides, you are paying dearly to borrow the money. What about the interest rates? What about the endless fees? What about the banks that overcharge? All of this true. Banks and credit card companies can be downright usurious in their charges, especially for anyone who gets in trouble and falls behind in payments.
And it is also true that debt can be a great gift because it gives you a start. You borrow money to buy a house you could not afford to buy without it. You borrow money to start a business when you don't have enough to get started. You start school you could not have started without the borrowed money. These are only a few examples of the gifts of debt.
Consider this. The only reason you have debt is because someone with money believes that you will repay the money. And with the money, you are able to do something you could not otherwise afford that will change your life for the better.
Debt has two faces. You can also choose what face you will wear in front of debt. You can wear the face of fear. You can be angry at your creditors and upset with yourself, or you can put on the face of gratitude that someone trusted you enough to loan you money for you to have and create and be what you could not have or create or be with your own money.
posted by zzzzzzzzzzz at
3:44 AM
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