July 31, 2010

The Law of Success Part 19

The Slavery of Debt

Debt is a merciless master, a fatal enemy of the savings habit.

Poverty, alone, is sufficient to kill off ambition, destroy self-confidence and destroy hope, but add to it the burden of debt, and all who are a victim of these two cruel task-masters are practically doomed to failure. No man can do his best work, no man can express himself in terms that command respect, no man can either create or carry out a definite purpose in life, with heavy debt hanging over his head. The man who is bound in the slavery of debt is just as helpless as the slave who is bound by ignorance, or by actual chains.

I have a close friend whose income is $1,000 a month. His wife loves "society" and tries to make a $ 20,000 showing on a $12,000 income, with the result that this poor fellow is usually about $8,000 in debt. Every member of his family has the "spending habit", having acquired this from the mother. The children, two girls and one boy, are now of the age when they are thinking of going to college, but this is impossible because of the father's debts. The result is dissension between the father and his children which makes the entire family unhappy and miserable.

It is terrible thing even to think of going through life like a prisoner in chains, bound down and owned by somebody else on account of debts. The accumulation of debts is a habit. It starts in a small way grows to enormous proportions slowly, step by step, until finally it takes charge of one's very soul.

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