debt is bondage

I say avoid any kind of debt at all costs.  A good example is our government.  Just kidding.  Whenever you owe someone money they have power over you.  Americans aren't very good savers compared to the rest of the world.  We want what we want and we want it now.  Even if we have to put it on credit and pay loan shark rates of interest.  You know what businesses are booming right now?  Payday loans, pawn shops, and rent to own places. That's not a good sign.  To say that these places are predatory is an understatement.  They take advantage of the people on the bottom.  How nice of them.  In some states they are illegal.  But let's not forget credit cards, car loans, student loans, and upside down mortgages to name a few.  You can't even escape student loans with bankruptcy.  I was in credit card debt at one time.  It was hard to pay off the balances, but I did it.  It taught me a valuable lesson I will not forget.  Don't borrow money!  Especially when you can't even remember what you bought.  People taking out home equity loans to go on vacation and buy cars is just not good business my friend.  I think if more people saved and borrowed less our economy would be stronger.  Even though a mortgage is considered good debt you still end up paying roughly 3 times the cost of the house over 30 years.  And that doesn't count insurance, property tax, and maintenance.  If you miss a couple payments the company who loaned the money can take your house away from you keeping your equity.  Wait so let me get this straight if I miss mortgage payments you take my house from me and keep the surplus, but if I walk away from a negative equity situation you can sue me for the deficiency.  How is that right?  No thanks, I'd rather make my landlord rich.  My personal preference is no debt for the rest of my life.  I don't want to owe anybody a dime.