Debt

Someone told me that it is great to be debt-free – it got me thinking. Firstly, is it really that great? And really, can we ever be truly debt-free.

Is it great to be debt-free?

We’re talking purely about money here. This means we do not owe the bank or anyone else anything more than a penny. Of course, this is a perfect situation to be in – but as any person in finance would tell you, they are benefits to leverage. If you can borrow some cash, and use that to make even more, then why not? Of course, things could easily head south – so you will need to do some risk-assessment before you sign those forms. But investments aside, I feel that having (some) debt keeps you on your toes, keeps you honest and (hard)working. You only run your fastest race when you have a loan shark on your tail, or to put it in a nicer way, when there is some strong competition. I’m sure there are other forms of motivation besides the promise of having a roof over one’s head.

Are we ever really debt-free?

Don’t we owe a lot for who we are. Besides the obvious Parents, whom we apparently all have, who brought us into this world and gave us free meals and lodging as we grew, we can also thank siblings, spouses, children, friends and the like for crafting us into the beings we are. If you are religious, then you would believe in a Creator that is the source of all life, of which we ourselves originated – and to Him, we owe the biggest debt of all. Isn’t it still important for us to continue trying, striving, even struggling, to reach our full potential, in a way, to recognise the trust and faith that has put into us. They have invested in us, taken up their own debt because of their belief in us.

So in spite of all the carefree and relaxed feelings that have come to be associated with being debt-free, I’m not really ready to think that it would be the best kind of life to lead. I’m the kind that needs a kick in the butt each morning to get going.