They say that Debt is the breaker of dreamers, and boy is that the truth! As many of you know, our little family has a great deal of educational debt. Thus, I’m currently experiencing the joys of debt repayment. This crushing burden is greatly affecting my quality of life and personal relationships. Since interest on debt eats up valuable resources that can be used to secure necessities such as housing, land, revenue-generating businesses/investments as well as the occasional luxury, every possible effort must be made to repay that debt as soon as possible. Thus every month, the majority of our family’s income is going towards paying down existing debts. But even at this frenetic pace, it will be a couple of years at the minimum before our family is “free and clear.”
In the mean time, my wife and I are increasingly deprived of the creature comforts of life: small luxuries like cable TV, eating out a couple of times a week, movies on the weekend, or the occasional impulse purchase. This lack of small luxuries is becoming a major irritant in my daily life due to the sheer volume of advertisements and keeping up with the Jone’s peer pressure that seems to permeate our society. In effect, because I do not wish to give ourselves shiny new trinkets or expensive vacations(thus digging us even deeper into debt), I’m made to feel by my friends and extended family that I’m being cheap or worse, that I’m somehow less of a provider due to me not wanting to be a debt slave. This is all very irritating.
Also, because so much of our resources are being poured into debt repayment, certain business opportunities that I would’ve been able to jump on are now closed due to my lack of investment capital. So instead, I can only focus on creating small internet-based businesses with very low capital requirements. Thus, spotting an opportunity, knowing how to develop that opportunity into a cash-cow business, but lacking the capital to do so has become the paradox of my existence. This lack of ability to enable significant improvement in the lives of my family REALLY irritates me.
On top of all of this pressure, there is the unpleasant fact that most of this educational debt came from my wife. And the employment opportunities that the expensive education were supposed to bring is currently being heavily slashed by our state government. My wife has literally taken 2 pay cuts in the last year alone and it looks as if more cuts are on the way. So in effect, I feel as we are slaves( or at best indentured servants), shackled in chains of debt with no hope of enjoying the fruits of our own labor. The only way out that I see is to pay off this demonic mountain of debt. So in the meantime, we will just have to make do with what we have and endure the deprivations needed to get through this.