There are many people who believe that having money is power. Therefore, the more money you have, the greater your power. With money, one can buy everything they want – even things they don’t need just to “Keep up with the Joneses”.
Greed is a natural human desire that when left unmitigated can consume the individual. Greed can ruin lives and relationships. That is why it is one of the “Seven Deadly Sins”.
Greed is also a rich source of income. Ask the credit card companies and the banks. They feed on your natural human desire to acquire more material wealth so that whenever greed rears its ugly head, it means more money for them.
When you buy on credit, you are choosing short-term happiness over long-term peace of mind. Eventually, the satisfaction of an acquisition will wear off. All you will have in front of you is a pile of long-overdue bills and countless of sleepless nights thinking of how to get out debt.
Massive debt will take an emotional toll on anyone. According to a study conducted by the American Psychological Association, 72% of Americans are stressed out over debt-related issues. In the same study, 22% of the respondents reported being “extremely stressed” over debt problems.
If stress cannot be managed, it will create different anxieties. You become paranoid. You don’t know if the next letter will be a summons, a subpoena, or the sheriff telling you to vacate your home.
In time, anxiety grows into fear. This is the stage where all hope is lost. The fight is over. You see yourself sleeping on the sidewalk. Your family will abandon you to find a better life.
The shame, the embarrassment – all of these fears will add up and compound – like the interest on your unpaid loans.
You have read stories about people who go crazy after being mired in debt. They are in situations where they believe there is no way out. It feels like drowning – they cannot break out and get a breath of fresh air. They are about to lose everything in life.
It does not end with fear. The fear can enter the next stage – anger. You become angry with the system. You struggle with the realization that the “trusted” financial institutions – the banks and credit card companies – had lured you into a trap.
But your wrath does not start and end with creditors. It grows into a wildfire that spreads and consumes everything in its path:
- The mailman – for delivering the bills
- Your spouse – for not getting a job or working harder.
- Your kids – for having so many needs.
- Your boss – for not paying you enough money.
- Your family – for not lending you more money or for asking too much money
- Yourself – for lacking the foresight and allowing yourself to fall into this deb trap.
Psychologists refer to this condition as “Debt Anger Syndrome”. It is a condition that makes the debt-riddled person hate life.
Is there scientific evidence linking debt to death? Yes!
A 2016 study by the Federal Reserve Bank of Atlanta revealed that there is a positive correlation between debt and mortality rates. According to the study, the mortality rate increases by 5% three months after the first billing statement becomes delinquent.
If you love life and want to have a great future with the family, avoid getting into debt. It may take more time and effort to get what you want but the sacrifices are well worth it.