You might be a slave and might not even know it!

The rich ruleth over the poor and the borrower is servant to the lender!
Proverbs 22:7

Very strong words and no matter what your belief, very true if you think about it! Let's see what happens when you sign up for a mortgage, car loan, line of credit, credit card, charge card, HELOC, Prime Equity Line, Personal loan, Pay day loan...........

1. The lender tells you what date you must pay them by (due date)
   
2. The lender tells you how much to pay them (minimum payment)
   
3. The lender tells you how you can pay them
   
4. The lender tells you for how long you will have to pay them (Loan term)
   
5. The lender tells you how much interest you will pay back (APR)
   
6. The lender tells you that if you don't pay there will be consequences (repo, foreclosure)
   
7. The lender has the right to review your credit pretty much whenever they want
8. The lender has the right to make adjustments to the "debt product" you have (just read the fine print. Ever had a credit card interest go up?)
9. The lender can even punish you for paying your loan off early! (Prepayment Penalty)
10. The lender will sue you if you don't repay

Sounds like slavery to me! That's why I call getting into debt "Volunteer Slavery!" This is evidenced even more with the current bailout talks! Debt is a banks and this countries #1 product. They say we must have this bailout so banks will lend money out again! So they are saying that if banks aren't freed up to get people like you and me, businesses and even governments in more debt that the economy will crash! WOW.......think about it!

Harritet Tubman said: “I freed a thousand slaves I could have freed a thousand more if only they knew they were slaves.”

Do you know? Don't you think it's time to live Debt Free & Prosperous?

Carlos Frank
Financial Coach
Email: carlos@nextmoneystep.com
Website: www.nextmoneystep.com