It's Impossible to Fall Out of Debt

As the Gregorian calendar year concludes this week, many think of resolutions.  I don't think so much of resolutions as that feels like the ticket to a let down, and the first Biblical calendar month is in the spring.  I do consider two things this time of year, however; that seem a bit like a resolution.  I keep the standard business year regarding profit, loss, and taxes, so I do make certain economic assessments at this time.  The other thought is in regard to weight management . . . It's not a New Year's resolution so much as I know, I do not want to begin the Biblical year 20 pounds heavier, so I resolve to maintain my weight.  Enough about that, back to the economic assessment.

Being self-employed, I don't receive a tax refund, so figuring my taxes isn't as exciting as it is for many.  Mine are more a matter of just getting it done and behind me for the year.  For those who will receive a tax refund, the figuring begins as soon as the W2s arrive.  This year's refund could be a new economic start for some.  The tax refund may not eliminate all the financial issues, but for many it's a substantial amount of money that can be used to eliminate a debt or put toward an investment.  The tax refund is not part of the regular budget!

Americans have been programmed to believe we must borrow our way into the American dream.  I speak from experience on this following statement.  One has to remain asleep to keep a dream alive!  We can fall into debt, but we cannot fall out of it.  We must determine to become debt free.  The Bible does refer to debt and it's not mentioned as sin, but rather servitude.  Proverbs tells us the borrower is servant to the lender.  That applies to credit cards, banks, payday loans and cash for car titles.

Banks have more fees and the feds' printing presses have slowed, so the "cost" of money is going to go up.  Meanwhile downtown businesses have not been restored.  Construction is not booming in the suburbs, and many who lost their homes in this great recession, continue to be homeless.  The only restoration that we have really seen is the Stock Market and we already know, the fat cats don't lose their footing when the house of cards collapses.  The folks in Washington seem to weather economic storms well, also.  What's left of the Middle Class has hung on, but it wouldn't take much of a shift to reduce that class to the chasm between the elite and the impoverished servants.  Congress very recently passed legislation for further protection of the banking industry.  Another economic issue is on the horizon . . . Debt will be a hindrance.