“Neither a borrower nor a lender be.” William Shakespeare, from Hamlet/
My siblings and I compared levels of indebtedness yesterday. While my older brother, who lives in England, seems to have a good handle on his debt, those of us on this side of the pond are not fairing as well. We each owe tens of thousands of dollars, mostly for student loans and mortgages.
Apparently, we are not alone. A quick scroll through my Facebook newsfeed, will find at least one of my friends talking about how much they owe, or how much they are attempting to pay back. A quick search on the internet landed these statistics from nerdwallet.com:
Average credit card debt: $15,609
Average mortgage debt: $156,706
Average student loan debt: $32,956 (http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/)
Debt has become a way of life in our society. In order to own a home, most people have to get a mortgage. It’s almost impossible to attend a college or university without having to get a student loan. Most of us borrow money to buy cars, and some of us, (Lord, help us) are using credit cards for our day to day expenses. This is a frightening trend.
Economists would say that not all debt is bad. In theory, I understand that. But I’m no economist. I’m just a girl that feels like I’ll be paying back student loans until I retire.
Debt is burdensome. It is just another thing we have chosen to carry. (Technically, we did choose to go into debt, though to most of us, it didn’t feel like it. The majority of us did not have the resources to pay for college or homes with cash. So we took the only other option.)
Indebtedness has become a way of life for so many of us. But just as getting into debt is a choice, so is getting out of it.
While getting into debt usually requires just a few signatures, getting out of debt requires much more, including making changes in habits and making sacrifices.
i am looking forward to the day when I am neither a borrower, nor a lender. So… If you owe me money pay me back and I’ll be halfway there!😊