I’ll start today with a little history lesson. See that picture to the left? Well, that is a picture of the Philadelphia County Prison in Philadelphia, PA called…the debtor’s wing. This wing and others like across the American colonies in the early 1800’s, held people that owed debts but were unable to pay.
It was a very simple process. Creditors who were owed money would simply ask the sheriff to arrest those that owed and throw them in jail. The only way the debtors could be released was to post bail or pay the debt. Since most couldn’t do either, they remained in jail for months or even years depending on the size of the debt and their family’s ability to raise the money. Some even died before being released because of disease that ran rampant in the close quarters of the jail.
In 1831, the United States government ended this practice with the introduction of the Act to Abolish Imprisonment for Debt. Whew! 
Now almost 180 years later, most of us spend our time creating our own debt prisons. No, we don’t have to worry about going to jail (except for taxes or child support), but it’s a jail all the same. As Jon Hanson said, “Working while carrying a load of debt is like a prison work-release program. You are released each day to work, but the balance of your time is spent in a mental prison.”
Over the last several years, we have really seen the effects of debt. The lives of normal families that were living the American Dream shattered due to the carelessness of creating debt instead of wealth. As I see it, living in a constant state of want leads to us becoming a prisoner to our passions.
Work no longer becomes a privilege, it’s a necessity in order to survive.
Think about the feelings you had as a child…probably “free”. Yes, the responsibility of provision was upon your parents, but there was a feeling that time was no option and your opportunities were limitless. Becoming an adult was like being given a huge stack of blank paper that weighed about the size of an elephant.
We aim wanderously, happily spending money and using credit when we really shouldn’t. Most of us don’t even realize what we’ve done until it’s too late. Picture this…you sitting down on the floor “Indian style”. Now, add up all the debts you currently owe (credit cards, personal, consumer, student loans, etc). Imagine yourself being surrounded by this amount stacked in dollars. If you stand, can you see the outside world easily?
See, those few moments of fun have a price tag attached. That price tag then leads to frustration and unhappiness. So before you make you next purchase, ask yourself… “Is this helping me to get closer to my goal?” If not, make the decision to walk away. Just turn and walk away. You can do it!
If you’re in a debtor’s prison, what’s your sentence? How long do you have before release?
Philadelphia County Prison Image by whitewall’s buick
###
Thanks everyone for reading! I really appreciate it. Feel free to share your own experience with debt in the comments, if you’d like. So until next time…
- Join PFN on Facebook!
- You may also share this article with your friends on Facebook by using the fshare button to the right.
{ 8 comments… read them below or add one }
Great thoughts! So many times we are tricked into believing that debt is the only way to survive in this country. The bible is clear that debt is slavery and we should avoid it (or escape if we are already in prison) as much as possible.
So true. That revelation alone was powerful enough to turn on my mental lightbulbs! Life was not supposed to be lived with financial stress. Thanks Khaleef!
Great post! A debtor’s prison. Who knew? But totally makes sense. I have my own cash strapped prison. Suppose to take 5 years of sentence, but I am really hoping for much less. Somedays…most days… I wish I could just kick debts ass. Windfall? You can drop that cash to pay off my debt anytime.
I know…it’s stories like these that make me grateful to be living within the “progressed” generation. 5 years? That time will pass by quickly. I wish I could wipe your slate clean today. But over the last few months you have had such great “favor” with winning free stuff it looks like your on the right path. Just keep doing great work.
Ya, I admit I had a great tech winning streak. Now if I could take some of that luck, mix it with some personal finance planning and come out ahead of the debt pay off game quickly!
Perserverance.
LOL, I know you are right! Just keep on moving, you are already ahead of the game.
Many still don’t know “how” to see the light.
Oh yeah, I forgot to mention how long my sentence is. 5 years not counting the student loans! Like Christine, I am really hoping and pushing to get out sooner.
Read Extreme Retirement Extreme for some great inspiration on what a financial map and hard work can get you. There are a ton of great posts there. And of course, this is a perfect site for inspiration, too!
{ 1 trackback }