Rising Interest Rates Hurt the Indebted . . . Who Knew?

I read an article this morning about that very subject, the fact that rising interest rates, or the fear of them are causing people to cut back.

The problem is that they are cutting back on more than just extras but into essentials as well. 

This is where buying something for a toy or an extra turns into Debt-Slavery. 

As in when you are spending all or most of your income on existence and debt servicing and can’t get out from under it . . . you are enslaved by debt.

Yet, let us never forget that we ourselves are the ones who are the architects of our own enslavement by constantly buying stuff we don’t need, with cash we don’t have.

Sure, the: Marketers, Advertisers and the Salespeople play a part, but we still bought the stuff. 

Another part is the fact that wages do not keep up with inflation, and any suggestion to somehow link the two is met with cries of “All of Western Civilization will fall if you do, you commie bastard!”

Yet the fact remains that Canadians are carrying record amounts of debt, all of which are affected by the rising interest rates (which will cause the cost of borrowing to go up).

So, if you ever needed a jolt to do something about your debt, now is the time. 

You can do it, you must do it, you deserve to not only be debt free, but building your wealth on the other side of debt freedom. 

Here is a link to the article, read it while the link is still valid.

Canadians cut back on spending amid rising interest rates: poll

As always: Keep your head up, your attitude positive, and keep moving forward!