The Borrower Becomes the Lender’s Slave

There is a new kind of slave ship that is landing in the Harbors of the World: the slave ship of the lenders.  Let me say on the front end that the imagery I use in this article is in by no means meant to trivialize the plight of men and women who have had to endure the injustices and atrocities of slavery.  To be honest I have been thinking about them some lately as I try to navigate myself out of the debt hole that I have dug myself into.  The Proverbs say it this way, “The rich rules over the poor, and the borrower becomes the lender’s slave.”

Yesterday, I got a notice from my credit card company saying that they had increased my interest rate to 18.99% because I had gone over my limit.  Let the record show that I did go over.  I am guilty.  I thought that the limit was different.  I also assumed incorrectly that when you got to your limit that they declined your purchase.  Again let me go on record as saying that this deal is completely my fault for not managing my balance correctly.  But, there is something wrong with a lender allowing you to go over your limit without declining and then jacking up your interest rate to some ungodly amount like 18.99%.  The borrower has become the lender’s slave.  I have become the slave of Citibank.  I wonder if they are on the list of banks I am bailing out with tax money.  Baby, I need a bailout too.

This article is not about the banks (the lenders) but about me (the borrower).  Why did I get on this ship in the first place?  Unbelievably I just marched my hind end on up to the slave ship and signed up.  How did I get into this mess?

1. I had financial crisis that I didn’t save for.  So,  I had to “charge it”.
2. I struggle with self-control and want what I want when I want it.
3. I make enough money to pay my bills and have a false sense of security that it will all work out.
4. I get tired of being tight financially and blow off a little steam with the credit card.

The way I have become a slave is to repeat step 1-4 over and over and over and voila my master has become my lender.  This is not the way I want to live.  I am still wrestling with how to dig out but I have learned again about how foolish it is to allow someone to rule over you.  While it would be cool to get a bail out, what I really need is a bow up.  I need to bow up and take charge of my finances and get out of the mess I have created.

1. I need to save some money for the financial crisis that are coming.
2. I need to deal with my self-control issues.
3. I need to live a little more fear and trembling and not live in my optimistic hope everything is going to work out world.
4. I need to blow off steam with real money not credit.

In my current rate crisis, I still need to call the bank and petition to have my rate dropped.  Who knows maybe the master will be feeling generous today.  But, what has got to happen is I need to be emancipated.  I need a proclamation of debt free living.  I have to start living within my means.  I have got to figure out how to get out of this hole.  Moving out of slavery starts with me.  Something has got to change!  Slavery in America ended in the 1800s through a bitter civil war that cost us much as a country.  I have been wondering lately about what kind of civil war it will take to free us (me) from the tyranny of debt enslavement.  Where’s Lincoln when you need him?

Photo by  tlbcml