The War Against Debt

Can debt be classed as an entity?  If so, then it will certainly be the biggest enemy of the human race.  Battles are being fought to win over debt but it is very difficult.  There are so many battlefronts and certain debt can be so intimidating.  Why is it that we have to grapple with debt and what can we do to win the war on debt?

The problem that society is dealing with when it comes to debt is the fear that it projects.  Types of fear include doom and gloom; cyclical/never-ending trap; decline in health; reputation and shame.  Why is it that there is a high rate of depression and anxiety around the world?  Why is it so important to have prestige, something that is revolutionary, big items?  What will be the significance and purpose?  This is what money does and bad habits can easily be attained.  It is like being in a leaky boat and hoping that it will not turn into a uncontrollable situation.  The point is that negative thinking, being resigned, having no hope and shutting down will not make debt go away; it will just add to it and that is what it wants.  If there is no initiative in attempting to fighting back against debt then we will never know what the attempt would achieve.  There is hope, debt is man-made, we need to awaken and face reality.

Debt is a serious situation to be in and there is no need to be in it.  We have to change our perception on what matters most in our life and to spend on what we can afford.  We have to use credit cards where we know the amount that is being borrowed can realistically be paid off in time.  We need to have both a mental and physical budget that we can look to and make it a habit to consistently follow it like law.  We are our own enforcement officers when it comes to debt, spending and money.  Whenever something comes to our mind that involves spending, we control our thoughts and must resist the temptations to spend outside of our means.  We have to treat spending based on cause and effect; internalize what the effect will be and ultimately make our decision right away as soon as debt comes to mind.

As the importance is to avoid or eliminate debt altogether, this must be worked on collectively and gain support from the government.  This will be a way to significantly reduce the average household debt.  There is an article from KBS World Radio based in South Korea where there is mention that the government is planning to readjust and possibly wipe out debts from households that are in desperate need.  This is a promising step where the point is to get this across to other nations. Not only will this strengthen confidence of society but it will tell society that the government understands the needs of the many and is committed to plan a reformation to win the war against debt.

In the end, society will need to learn from the lessens of debt and have the strategies through experiences on avoiding getting into it.  Interest rates will not be low forever and already there are those that are feeling the pinch with the recent interest rate hikes in countries such as the United States and Canada.  If there was one thing that I, writing this article, would wish upon all those affected by debt including myself, would be debt forgiveness, a reset, and have everyone access to debt avoidance education starting from the very young to the very old.   

6 thoughts on “The War Against Debt”

    1. Hi Daniel,

      Thank you for your comment. Debt is now a part of life in our society due to the spending habits of consumers. Debt is man-made and with the news from all over the world, it is becoming a pandemic. We cannot let it control our lives as this will just further cause more burden and desperation. The only person that can control debt is you. Do not fall into the traps of hot trending products. Those products will be there and there will always be better products in the future. The mindset should focus on what we currently have and determine our true needs. We can recover as a society by helping one another and set our path to financial stability.

  1. I read with interest when you mentioned South Korea government stepping in to wipe out debts from families in desperate need. I trust there must be more details behind the whole thing and for those families whose debts are wiped off the sheets, it is like being given a fresh lease of life. However, I couldn’t help but think who is paying for those debts. The government and if so, it’s the taxpayers’ money eventually. Helping people in need is crucial, that’s what the human spirit is all about but I think above just wiping off debts, a proper structure to educate and for the families involved to co-share in this effort should be recommended. Great article and it is so true that we should just focus on what we need, not what’s trending out there and end up in a bad and unnecessary debt.

    1. Hello Jude,

      When it comes to countries being forgiven debt, it would go through the IMF but I do not believe there are taxpayers’ money going there. I do agree with you when it comes to a national government that if the government were to pay off a forgive debt then, yes, it would have to come from somewhere which would ultimately be the taxpayers. Now the thing here is that this debt is becoming a global crisis meaning that more than one country have average households that are in financial distress. Would there not be a system that needs to be created that does not affect taxpayers such as the IMF to deal with this crisis? There will have to be conditions that to forgive debt, the countries will need to put rules in place to prevent a debt crisis from happening again whether it be an education system, a change to the borrowing regulations, a national budgeting strategy shared through the different levels of government in the country for the society. I believe that the war on debt can be won but this has to be done collectively through society.

  2. I think debt is such a huge problem in our world today. Although debt forgiveness would be nice for people that are overloaded and the debt just starts to spiral out of control, I think the bigger problem is consumerism. People just want more and more stuff! It’s that desire for having more things that brings on so much debt. Whether it’s a brand new care, or a house with more space that they could possibly use, or electronics to impress all their family and friends. It’s crazy.

    I really think this article is on point with the problem of debt and I wish there was a better way to control it. However, most people are big spenders. They don’t feel the impact of debt until it starts to become a problem. Debt avoidance is definitely key!

    1. Hello Jen,

      Consumerism is the main source and initiation of debt.  I understand that in our society there needs to be buying and selling in order for the economy to continue.  The only thing that is catching and distracting people are the attractive products that for the majority is above their means.  This is the trap and this is what is allowed in our current system.  Credit card companies and creditors do not mind giving out loans; however, they do expect to get that loan returned with interest.  Our mind is tempted and tested when it comes to our needs and wants.  The problem is that the wants outweigh our needs which become a habit.  We do have the choice and the ability to change our mindset in order to eliminate and resist the temptations that lead us to debt.  The corporates, franchises, enterprises and banks all are bombarding us to buy, spend, borrow as this is their tactic to distract us.  They want to make us the slaves which is occurring to this day.  Now that we hear of a record of high household debt, delinquencies and defaulting, it is becoming an abyss that is going out of control.  The thing now is to get out of it and how.  Everyone is asking how to get out of debt.  I believe that just like with previous civilizations, there should be some debt forgiveness and then a change of the mindset so that debt will be avoided.  We can no longer handle the current system and there has to be a reformation.

Leave a Reply

Your email address will not be published. Required fields are marked *