11/26/2005

Debt Free Living Provides Freedom

As a college student, and person in America, I am continually exposed to "opportunities" to buy on credit, increase my line of credit, or buy things now without having to pay for them until later. While all of these concepts seem attractive on the surface, they have serious consequences. As I read this debt article, I learned that debt has more than just a financial impact on one's life. When people are seriously in debt for items other than the basic car, or home, etc., they also can feel the affects emotionally, with depression being a major symptom. I think that this information makes a lot of sense. If you are constantly living on "borrowed money" to get through everyday life, I believe people have the potential to feel very overwhelmed, and helpless. To me, spending less you make provides freedom from the worry, and stress of how to come up with money you don't have for items you already "bought". With costs of living as high as they are, including astronomical prices for housing, healthcare, energy, and food, etc., it is no wonder that many find themselves in debt, however with determination, and careful planning, it is possible to live within a budget, and in doing so, people will experience optimal financial, and emotional health.

1 comment:

Dr. Tufte said...

-1 on Morgan's post for poor grammar.

-1 on Maddy's comment for poor grammar.

These are very common sentiments, and they are correct in a world in which there is no real economic growth.

Except, we live in a world where we can count on real economic growth. This means that "future you" will be richer than "current you". It is an irrational response that has to be nurtured by soceity to dismiss borrowing so blithely in this sort of situation.