Consumer Debt: The Black Hole of Personal Finance

A black hole is considered to be the most dangerous place in the universe. And in matters of personal finance, I consider debt to be that place. Sure there are other areas of the financial universe that can cause dangerous circumstances to arise, but the same can be said for the universe. A black hole is not the only way to “meet your maker”, but it probably is the fastest and most destructive.

The major difference I can see, is that unlike getting sucked into a black hole, with debt, you CAN escape its gravitational pull. The only way to do this of course is to stop borrowing money and using debt to fund the luxurious life you really can’t afford. Debt will certainly lead you to a place where you will eventually have nothing.

A black hole is formed “by the gravitational collapse of a star exploding as a supernova.” Debt is formed by the collapse of financial responsibility. You want something, so you go get it, whether you can afford it or not. The consequences of which never enter your mind to deter you from eventually leading yourself to financial destruction.

My question to you is this.

If you knew you were approaching a real black hole in our universe, would you stay the course, or turn around?

I know the answer to that because I know that no one in their right mind would calmly say, “Oh it’s just a black hole, everyone is getting consumed by it.” So why would you not react the same way when the proof is right in front of you that you are headed for a financial black hole? How much debt will you need to accumulate before you wake up and say “GO THE OTHER WAY!!”

If you were on an intergalactic Sunday drive—in your shiny brand new space cruiser, you proudly bought off the “spaceroom floor”—and you happened to see the Joneses getting sucked into a black hole, wouldn’t you choose to head in the opposite direction? Of course you would, unless you are suicidal that is.

BREAKING NEWS: This Just in!

The Joneses have been sucked into a black hole right in front of your face!! Look around. Take a minute to see what debt is doing to the people around you, to people you love, and to your very own family.

Head in another direction because chances are you will end up just like them. Don’t you get it? Abandon course! Turn around, and hit warp speed! Head for the hills—you know—the ones with the greener grass where people with beautiful smiles are leaping in the air as they enjoy financial independence. They are smiling for a reason. I am this passionate about debt freedom for a reason. I’m not in denial!

“I love stuff as much as the next guy, but I’ve come to understand that, regardless of the cost of acquiring it, the price of having it is freedom.” Colleen Wainwright

Whew. Okay. I am breathing again, but know the veins in my neck were protruding. I’m not a psycho. It’s because I really do care about where YOU end up, and bulging veins is the only way I can project a sense of urgency.

Seriously though, I am actually enjoying my life, most of which, happens to be because I have escaped the gravitational pull of debt. I haven’t done anything that you can’t yourself do too. It’s not just the debt that has made the difference, it’s what has changed as a result of breaking those heavy chains.

Benefits of Avoiding the Black Hole

• Stronger Marriage – I can spend more time with my wife without worrying about if that plate flying across the room is aimed at my head. We’re a financial force to be reckoned with now. Move over social security, we’re actually going to retire with dignity.
• Family Time Increased – We can do more as a family without having to contemplate whether or not we can even afford it. We still have to stick to our budget, but we can afford to do more of what we enjoy without breaking the bank. Plus, when you are in debt, you have to work harder to keep up with all of your payments.
• What Emergency? – An unexpected event doesn’t create stress in our lives like it once did. We don’t refer to them as emergencies anymore, because they’re really nothing more than a speed bump on the highway of life. We slowly drive over them, but we’re able to keep on moving.
• We Have Options – With more options, comes more opportunity. If you are up to your neck in debt, any opportunity you have to take advantage of is lost. Some would say, “I’ll just get a loan!” That’s a genius idea. Jump on an opportunity that may or may not work out by “leveraging” debt. “Knock, knock! It’s Bankruptcy, anybody home?”
• We’re Recession Proof – You know the recession we’re in right now? Yeah that one. I quit my job right in the middle of it to be able to stay home with my children and avoid daycare. I gave up around $35,000 a year, at a time when it otherwise might not have been a good decision. I wasn’t able to do so because my wife makes six figures, I was able to do so because our behaviors changed a lot! (options) My point is that when you plan for the worst, and the worst happens, your situation isn’t turned into a crisis.
• The Gift of Contentment – One of the biggest lessons we have learned is that nothing we could ever buy, will ever give us what we really want. People go into debt because they are confused about what is important and where happiness lies. Happiness is being able to enjoy what you have, without worrying about what you don’t have. Letting go of what you think is important, will give you the best chance of reaching financial independence.
• We’re Debt Freeeee! – Our income belongs to us!!

The point of this isn’t to brag about what I have and you don’t. It’s to show you what’s in front of you if you jump on the debt free express!! It’s what you get to look forward to if you change your habits and start making better financial choices. It’s the life you deserve to live, and I am rooting for you to live it.

Having maxed out credit cards, no savings, no retirement, loads of debt, and the stress that comes with it, is not living, and neither is flying into a black hole. Get your life on track and start learning right now, what you need to do to make it happen. It will be a decision that you will never regret.

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