Part 1: Living in Captivity
The rich rule over the poor, and the borrower is slave to the lender.
The topic of debt is one that is very close to my heart, because I know the pain, shame, and fear it can cause. There was a time in my life where I had so much debt, I felt like I was drowning. No matter how I tried to float, I went down a little deeper. I had student loans, mortgages, credit cards, car notes, business loans, and even a timeshare! Yes, most of them have an (s) on the end because there were multiple. I was smart and educated with a truckload of debt. My family didn’t really teach me anything about money, so when the lenders offered me a free umbrella, I was easy prey. Prior to feeling the sting of debt, I was happy when I got approved. I was excited that the bankers believed in me. I believed they we on my side and would never give me a loan I couldn’t afford to pay.
One day I woke up and realized I had been taken captive by the debt monster. I had been lured deeper and deeper into his cave to the point I couldn’t see any escape. It had seemed nice at first, but soon I started to feel the chains and the weights he had put on me. I had become the debt monster’s slave. I couldn’t miss a day of work, get sick, or take a long vacation because I had to pay the monster his money. At the height of my debt load I was paying $50 a day in interest. That’s $18,250 a year! Just flushing $18,250 a year down the toilet to keep him happy.
If the stats are correct, then many of you reading this blog are also living in captivity. The debt monster has made debt seem so normal that many of us can’t even picture ourselves without it. The idea of owning a home without a mortgage or buying a car with no car note is hard to imagine. In America debt is what we do, our National Debt reached $22 trillion in 2019. Our total consumer debt including mortgages ($9.14 trillion), auto ($1.65 trillion), student loans ($1.44 trillion), and credit cards ($829 billion) now totals a staggering $13.51 trillion. [ According to the New York Federal Reserve in the third quarter of 2018]. The average American household carries $137,063 of consumer debt.
If you are living in captivity and have the desire to be free this blog is for you. The blog, “How to Escape the Debt Monster” is divided into 5 parts:
- Living in Captivity
- Planning an Escape
- The Great Escape
- Debt Free Living!
- Staying Debt Free
Tune in frequently, follow, share, and subscribe to our email list to make sure you and your loved ones don’t miss the next episode. Til next time don’t let the debt monster know that we will be “Planning an Escape!”
Dr. Sylvia Jones is a wife, mom, eye doctor, blogger and entrepreneur . She has a passion for training and mentoring others on how to build wealth and create their own strong economy. She is the CEO of Divine Family Eyecare, Inc and the Founder and CEO of Violet Eyewear, LLC. Come along on her journey as she builds her companies and shares her wisdom along the way.