Acquiring and maintaining consumer debt is a curse. A curse is a cause of harm or misery, and that fits the bill. Consumer debt is debt that is created by borrowing money for things that we consume without forethought into paying back for that debt.
For example, someone who is broke and borrows $25 to eat a decent meal has not given thought to how he will repay that loan once his belly is full. That is consumer debt. You borrow money from someone, and you spend it without a well-thought-out plan to pay off that loan.
For over 10 years, I have maintained consumer debt in various forms, which has been one of the biggest obstacles to my growth. I have watched several documentaries covering how debt is used by corporations in remote parts of the world to keep employees locked in a vicious cycle that culminates in their deaths. Here is an example of such documentaries: https://youtu.be/L-1onPXTTyE?si=k-pkENG3-ITTHjBe
Consumer debt is bad because it creates a cycle that keeps the borrower in involuntary servitude, which is a form of slavery.
Why am I writing about consumer debt today? Because I have made the decision to be done with it. Lessons learned, strategies, tools, and tips will be coming up in future posts.
In the meantime, if you maintain any form of consumer debt, realize that it is not normal, and there is an alternative lifestyle that is attainable.