Your Debt Isn’t Meant to Be Repaid — Here’s Why

<p>When you think about debt what is the first thing that comes to mind?</p> <p>Your ballooning credit card payment?</p> <p>All the bills stacking up on your dining room table?</p> <p>Crunching the numbers and realizing you&rsquo;re never going to be able to catch up?</p> <p>According to the Federal Reserve Bank of New York, Americans now collectively hold more than&nbsp;<a href="https://www.cnn.com/2023/05/15/economy/household-debt-credit-q1/index.html" rel="noopener ugc nofollow" target="_blank">$17 trillion</a>&nbsp;in debt.</p> <p>T-R-I-L-L-I-O-N.</p> <p>That number is so large it&rsquo;s hard to grasp.</p> <p>For perspective, if all&nbsp;<a href="https://www.census.gov/library/stories/2020/06/working-age-population-not-keeping-pace-with-growth-in-older-americans.html" rel="noopener ugc nofollow" target="_blank">213.6 million</a>&nbsp;working-age adults worked for&nbsp;<a href="https://www.bls.gov/news.release/empsit.t19.htm" rel="noopener ugc nofollow" target="_blank">$30 per hour</a>&nbsp;to pay off the debt, each person would have to work for 2,662 hours.</p> <p>That&rsquo;s basically sacrificing more than a year of your life just to pay down the debt. Not to cover your living expenses or pay Uncle Sam his fair share in income taxes.</p> <p>Just debt.</p> <p>And that also assumes a wage that is far above the current&nbsp;<a href="https://www.dol.gov/agencies/whd/minimum-wage" rel="noopener ugc nofollow" target="_blank">minimum standard</a>. In reality, it would take several years to pay it off given the current level of wages.</p> <p>What this tells us is that debt isn&rsquo;t intended to be repaid. It&rsquo;s like a Gordian Knot of finance that&rsquo;s designed to be impossible to overcome.</p> <p>The idea of repaying debt is a myth. It would assume the existence of a power structure that simply does not exist. To be able to get out of debt is to be an equal &mdash; or rather a peer &mdash; with your lender.</p> <p>You are not. You are their asset. And they rely on you to continue generating a profit.</p> <p><a href="https://amandaclaypool.medium.com/your-debt-isnt-meant-to-be-repaid-here-s-why-51ab50604653"><strong>Website</strong></a></p>
Tags: Debt Repaid