Debt: The Grim Reaper - Why Consumer Debt Is A Constant Factor In Our Lives, With No End In Sight

This book takes a look at debt in our society from a purely pessimistic point of view. Our Federal Government has made horrific decisions regarding monetary policy which has affected all aspects of our financial lives. Individually, many of us have become absorbed in a maze of debt and cannot realistically find suitable solutions to eliminating the impact of these problems on our personal checkbooks and livelihoods. Though many have faced this dilemma head-on and have succeeded, many more have not.At one time in this country you could live fairly debt free. But, as banks came up with the credit game plan to make more money available through loans with low interest rates, prices increased on everything. After all, if large amounts of money were going to be available for people to repay in easy monthly payments, why not take advantage of the situation and increase the price to the point that the salesperson would make a big profit.And so the credit war and increasing prices began. As credit became more available to all social classes, the price of everything increased. Homes, land, cars and many other items became so expensive it was not possible to purchase any one of them without getting a loan. Once the loans came due, people would make their monthly payments. But if you missed a payment or were late paying, the loan became overdue and the banks came up with the idea of penalties and late fees. Thus began the problem of loans, loans in default and the collectors of past due accounts. All tactics for collecting monies due were fair at the time. The banks could take your property, strong arm individuals with threats of violence and even add more fees to the already overwhelming debt load. Eventually, people wised up and started to save their money. They took their time and bought what they could without a loan. If a loan was necessary, they would take only one at a time and ask for the best interest rate possible or they would go somewhere else. Over time this made it difficult for banks to make a profit by lending money. They offered better rates, more services, protection against foreclosure and fought to keep a customer happy with services and other offers. But all was lost when private loan companies came onto the scene and began to steal customers away from banks. Private loan companies provided competition for banks with better offers, lower rates and private investments to grow more money for the company and the customer. But like the banks, they began to fail because debtors were protected from strong arm tactics and various other stringent collection practices. They fought back, made payments on time or just walked away leaving property that was now worth less than the loan. If you feel that you will someday be debt free, you are wearing blinders. You can never be debt free, or perhaps almost never. The grim reaper of debt will follow you until death. You will always owe taxes and payments and continue to need products that have to come from the economy. As prices go up, wages go down or then disappear completely. Debt is a way of life for everyone in this country and it is going to get worse before it gets better. This writing is from the perspective of someone who has suffered and is still suffering in the throes of debt.