Why I Hate Being In Debt Bondage!

by Khaleef "Fat Guy" Crumbley on October 18, 2011

in Debt Repayment, Goals

Debt Bondage

I’ve talked a lot on this website about being a fat guy, and why I hate being fat so much (hint: airline seats can be brutal!). However, I haven’t spent much time talking about my debt. To be honest, I think I hate being in debt more than being fat. Especially because being in debt bondage is making it harder to stop being fat (I’ll explain below)!

Debt Bondage Is Worse Than We Admit

There are so many things that I want to do right now, but I can’t because I am in debt bondage! I am 100% enslaved to my creditors, and it’s completely my fault.

I’m not going to enter a huge discussion about the meaning of slavery here – I have an article going up on my other site where I discuss bible money management (Faithful With A Few blog), where I plan to take a detailed look at this analogy. I will just tell you that in order to properly understand this analogy, you need to understand the nature of slavery in ancient Greek, Roman, and Jewish culture.

You may think I’m being overly dramatic with my claim of being in slavery, but consider this point: I have a lot of goals and ambitions for myself and my family. These thoughts run through my mind all the time. My wife and I have plenty of conversations concerning these ambitions and dreams, and we can even see the various benefits of each one of them. However, the one thing that puts a stop to all of the “dreaming” is our debt!

I can’t even focus on my investing goals (such as building up our IRA’s through stock trading) or take advantage of offers, such as commission-free trading, because of my debt! This means that I am falling further behind on my retirement goals.

The primary responsibility of a slave is to make sure that the needs and desires of their master have been attended to.  Even after they take care of their master, they want to do something, they need to have permission from their master.

Anyway, lately I have been feeling the full weight of this relationship with my creditors. I feel it even more than my fat!

My Debt Bondage Stops Me From Growing My Business

Most of you already know that I own KNS Financial, LLC, where I provide tax preparation, and general financial consulting. I also own a number of other sites, and plan to add more whenever I can find the time to fully develop the ones that I already own.

With my style of writing and research, and also the content that I hope to create, I need a lot of time in order to build up my business. The same holds true for all of the plans and ideas that my wife and I have for the offline business – especially when it comes to developing curriculum and seminars. I think I have enough things going in my mind to take up at least 80 – 100 hours each week for the foreseeable future!

However, when I asked my master if I could stop working at my full time job in order to pursue being an entrepreneur, it said “no”! It told me that I have to continue working there until it was completely satisfied.

I don’t even have the freedom to fully invest in my own business! :cry:

Because we voluntarily put ourselves into slavery, we have to deal with the lack of freedom that comes with our prior choices. I honestly think that my business can help a lot of people, but I am limited in how much I can help, because I have to obey my master!

How Our Master Controls Other Areas

Living And Recreation

Our debt won’t allow us to do the things that we want to do. Even when we moved this summer, we had to consult our master every time we saw an apartment that we liked. Even though we were able to save money moving, and save money on car insurance in the process, we still felt the severe restrictions that come with being in debt!

If friends or family want to hang out with us, but neither of our homes make good options, we have to go and ask our master if it’s alright to go out! If we want to spend a few days away from home, trying to save money on vacation instantly becomes our top priority.

Giving

There are two major ways in which we desire to give. First, we give to our church in order to support God’s kingdom, and to honor the Lord with our finances. Secondly, we want to establish a “blessing” account – money set aside for the sole purpose of helping someone in need (a gift, not a loan).

Unfortunately, we are not in a position financially to give as much as we would like to our local church. When things come up, and there is a need expressed in the church, we both immediately want to give. But then we when go and “consult” with our master, we are usually told that we can’t help out!

Because we are in bondage to debt, we have not been able to set up our blessing account. Actually, we have been able to help a few people out, but we would be able to do much more if we didn’t sell our freedom!

I can go into more detail, but I think you get the point. We are severely restricted in most areas of our lives, because we are slaves to our creditors! Even the bible makes this point clear:

The rich rules over the poor, and the borrower becomes the lender’s slave. ~Proverbs 22:7

Silver Lining

The one thing about being in debt bondage is that it is helping us to develop financial discipline. Every spare dime we have is going to pay off debt! We probably talk about our finances more than we would if we didn’t owe any money to anyone.

As we have been reflecting on all the things our master won’t let us do, our determination to get rid of this debt once and for all has grown. In the past, we acknowledged that it was a problem, but we didn’t realize how restricted we actually are until we tried to do different things with our lives.

I plan to outline the details of our debt, and also unveil our plan to pay it off within the next few weeks – just as soon as all the details and participants are lined up for my push ups challenge.

photo by vichie81

What About You?

  1. Are you in debt bondage?
  2. Do you find yourself having to put certain goals on the “back burner” because of your obligations to creditors?
  3. Have you become/remained debt free? If so, please describe the feeling of freedom that you had/have!

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Evan @ My Journey to Millions October 18, 2011 at 9:07 pm

I am not sure if I am a slave to debt but I think we share the same ultimate goal of FREEDOM! Being able to do what you want to do when you want to do it…is a goal that I am dying to achieve one day.

Fat Guy November 9, 2011 at 2:51 pm

I’m with you on that goal! Whenever I have a day off of work, I feel it more and more.

Jon - Free Money Wisdom October 18, 2011 at 9:50 pm

Debt is definitely a heavy burden to bear. I guess that is why the Bible discourages against it so adamantly. I recently just paid off my car loan and it feels amazing. I did it before I had to accrue a massive amount of interest and the feeling of freedom is incredible. As of right now I am debt free and working toward increasing my future wife’s and my emergency fund. Keep up the good work–you’ll be out of debt before you know it! Slow and steady wins the race.

Fat Guy November 9, 2011 at 2:52 pm

I know it must be an amazing feeling. Being under the bondage of debt and then gaining freedom, probably makes it feel better than never having debt to begin with. I have to keep pressing ahead and being disciplined!

Brad Chaffee October 19, 2011 at 8:58 am

I think too many people ignore the fact that debt IS a form of slavery. I think your article does a great job of pointing out why. Not only does debt mean you are working to pay your master but it also (as you point out) limits your ability to live the life you truly want to live at your greatest potential. I can now confirm this since we are debt free and I can compare being in debt to not being in debt.

The options we have had available to us since telling our master to get lost is very dramatic. We used to HAVE TO both have full time jobs. We have had the option to avoid paying for day care by having me stay-at-home with my kids. We were able to say goodbye to my salary of around 35K a year. My wife is a critical care nurse and it has given her the chance to work 3-12 hour days a week instead of the constant overtime she needed to work before we paid off our debt. I’ve been able to have more time to work on and grow my own blog which is finally starting to pay off. We have been able to opt-out of public school and I now homeschool my 5 year old and plan to do the same with my 2 year old and our 6 week old when the time comes. We could have never done this with our previous debt obligation. Aside from also being able to give more money I have been able to take college classes without student loans as well as start my new printing company completely debt free. All this is merely a piece of the many benefits debt freedom has provided my family. Instead of being a slave to our debt masters we have become the masters of our own life. This freedom is beautiful which is why I am so passionate about helping others reach the sane level of freedom.

Good luck and God-speed in reaching your own debt freedom goals. I’m rooting for you and I know your journey to freedom will be worth it!! :)

Fat Guy November 9, 2011 at 4:15 pm

It’s amazing to see all of the options that have opened up for you and your family since you’ve been debt free!

I can’t wait to get to that point…with both debt and weight.

Miss T @ Prairie Eco-Thrifter October 19, 2011 at 9:54 am

We have been really lucky to be debt free. We have had some tight months lately but we have made it through without going into debt which is great. Apart from our mortgage we don’t owe anything. Sometimes I wish we didn’t have our mortgage but then other times I just love our house and the memories we make in it. You will get there too. Just keep working at it one step at a time.

Fat Guy November 9, 2011 at 4:19 pm

I’m sure that you are able to handle tight months a lot better since you don’t have to worry about making debt payments.

Financial Success for Young Adults October 20, 2011 at 10:32 am

When you make that connection between burdensome debt and slavery it’s really freeing. You realize that you voluntarily decided to work for someone else and you can’t pay yourself because you have to pay bills.

Fat Guy November 9, 2011 at 4:24 pm

Right! With all the things that we desire for our lives right now, we really see how our debt has crippled us!

Squirrelers October 20, 2011 at 6:19 pm

I recall getting a car loan some years ago. I absolutely couldn’t stand that I had a loan that required regular payments, just for a vehicle. I’ve concluded that it’s better to have a less expensive vehicle for which you can pay cash if possible. Owing is no fun at all, I really dislike the feeling.

Fat Guy November 9, 2011 at 4:27 pm

I feel that we are deep in debt, but I know it can be worse. I am glad that we have an opportunity to get out before it consumes us!

novel investor October 21, 2011 at 8:28 pm

Learning the hard way, may not be the most fun, but tends to make the biggest mark on our minds. At least you acknowledge your debt and are taking responsibility for it. If you keep paying it off as you save money like the pizza post, you’ll get there sooner than you think.

Jesse @ BP October 23, 2011 at 11:53 am

Debt is bondage! It’s not hard to understand that, but sometimes we forget. I know in my own life, it’s really hard to see a great idea that I can’t pursue because of debt. It hold you back and without it, more companies and individuals would be making a difference in the world. Keep up the good fight.

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