Many years ago I wrote a page on this website: Purpose to Keep out of Debt. I am glad to say that the Scripture is full of truth and wisdom even when it comes to personal finance.
We have been blessed to out of any debt (mortgage included) for the past few years and the tremendous peace of mind and financial freedom we can experience is beyond words. Of course, we lived on a strict and frugal life as much as we could (still are). Growing our own food in summer, learn to fix things around the house, learn to sew, buy in bulk, eat healthy, etc….
Most significantly, we don’t own any high-tech gadgets like most of our friends do. We did not subscribe to any cable channel or satellite TV for 1 day in our marriage. We never bought a new car or van. Our purpose is simple: to get out of debt as quickly as possible.
Years of low interest has created massive debt worldwide. Living in Ontario, Canada, we are a province that is now the world’s most indebted sub-sovereign borrower. That means we have to pay higher income tax, sale tax, property tax etc….in the coming years to foot the bill.
My father once said, “Debt is good. It is the driving force of economy.” I did not agree. Debt is never good. Spending on something you cannot afford while hoping that you can repay it later, in my opinion, is a risky business. How do you know if you will have a job tomorrow or next week to repay the debt? Why not curtail your impulse on laying your hand on that shiny new car and go for a dull looking yet reliable used vehicle?
Several states in the US are now in danger of shutdown because of deficit. I think this is a reflection of the current situation of the most powerful country in the world. Debt is out of control: The World Is Now $217,000,000,000,000 In Debt
Friends, soon or later the tidal wave of debt will crush the financial system and might trigger world war. I know I have been talking about this for 2 years and nothing seem to happen. However, I have read from multiple sources that the latter part of this year or early next year (2018) will be the trigger point of the collapse.
Get out of debt and start preparing.