I've been there (under a load of debt) - let me admit that first - but I resented the shit out of it. If you pay any interest that means you are living beyond your means. It means you have purchased something that you can't really afford. You may have been duped into thinking you could afford it - some salesman probably looked at your monthly income and worked out a monthly payment you could "afford," but it is a lie. You were too broke to pay cash, you had to borrow the money and it is likely that your net worth (value of assets minus debt) is negative or barely above zero.
Many of us have family members who lived through the Great Depression, or who have lived in poverty have incorporated frugality, saving, recycling, and living within ones means into their lives. The average American is the antithesis of this.
The myth of American capitalism is that the rich create jobs, but that is absurd. They are the idle class - they make money by having money. They are the collectors of interest. They are the investor class. They worry about things that most of us don't - how to avoid capital gains taxes or the estate tax, or how to best balance their portfolios - this is the "work" of the investor class. They are the consumers of luxury goods, they own islands and yachts to sail themselves there. We have virtually nothing in common with investors. They are earning while we are working and spending - it's a rigged game and we can't win yet our fortunes are tied to theirs. Most Americans who do have positive net wealth own their homes and/or have retirement accounts invested in the very system that is robbing them.
Average Americans help make the rich richer in so many ways - first we are ineffective at demanding living wages and benefits while corporations such as WalMart rake in profits that make the mind spin and reward their CEO with millions in bonuses in addition to the already crazy yearly "wage." The WalMart CEO earns more in an hour than WalMart employees earn in a year. The result is that corporations pay less for labor than they should and they reap copious profit as a result (which leaders and shareholders pocket - they don't create more jobs with that money).
Secondly, we don't live within our means. We are earning less than a living wage and we can't afford our homes, vehicles, etc so we take on debt. The rich will take their cut in the form of interest. If you use credit cards or, god forbid, payday loans, you are really doing your best to line the pockets of the wealthy. Can you imagine saving for something you want instead of charging it or taking out a loan? Delayed gratification is a lost skill - we know it is good for kids, but we seem to think when you get to be an adult we deserve instant gratification. This may be hard to accept - but you are screwing yourself if you can't save and wait. The cost of that item (car, house, etc) plus interest is obscene and we all know it, but chose to look away and pretend that all is well.
Third, we buy into the myth of things being disposable. How long is a cell phone supposed to last? A computer? What does the new computer or cell phone do for you that the last one did not? As a family who used a desktop computer for over ten years for multiple applications including retro video gaming I can attest that they last much longer than manufacturers would have you think. Actually most items do. Second-hand stores, garage sales, and and all the buy/sell/trade apps help us get rid of stuff while still appreciating that these things have value and use. Further you don't need to buy Microsoft Office - you can use Open Office; you don't need Quick books, you can use GnuCash.
Fourth we buy into the myth that every damn household needs one of everything instead of sharing with a community. There are businesses that offer tool rentals (for example) but in my experience by the time you rent a tool for the time you need it you could have bought a new one - perhaps co-ops or subscription services could meet the tool needs of of a community. The point is that each neighbor does not need a complete set of everything...not even family laundry - I find it much more efficient to get my laundry done with 2-4 washing machines instead of using only one! Further, how many kitchen appliances does a person need?! I need a food processor for two recipes that I love falafel and Almond Umami Burgers - but I make those two recipes, at the most, a half dozen times a year...I use my crockpot the most of any appliance (2-3 times/week), second would be the breadmaker (weekly), third the Vitamix (every other week at present, but in the past it was daily) but I could totally share these - I use the stove almost every day, other than that I have more cooking options than I really need. Also, don't get me going on pots, pans, baking dishes, mixing bowls, serving bowls...Perhaps one day I will take a picture of my stock. It is very lean, yet I have everything I need. It would be nice to borrow a baking pan or different pot/pan when I need one - a community kitchen would allow many benefits beyond access to unique appliances and/or baking dishes.
Finally, we buy into the myth of things enhancing our identity. We've always purchased the cheapest new car we could find. We drive a 2009 Toyota Yaris manual transmission, before that (and before kids) we drove a 2000 Toyota Tacoma manual transmission (which we sold in 2016 with 200,000 miles on it). This is not a Toyota commercial - my point is we didn't buy a Camry or a Tundra because we couldn't see how those would get us from A to B any better than the cheaper versions of the vehicles. Same goes for luxury items in every product line that exists. Why an iPhone when you can get an Android phone for much less and it has all the same functionality? You are still you regardless of the vehicle you drive - but the myth of commercialism says you will be enhanced, amazing, improved, more likable, more popular, more cool....it's all bullshit. If we all bought things for their utility instead of to one-up our neighbor we could reduce our debt and/or keep more of our hard-earned moola in our pockets saving for the day we exit the rat race.
The take-away point of this rant that has built up over many years is that we should all do everything in our power to get out of debt and live within our means - by choice - which means that we chose to forgo the "latest greatest" and even the latest convenience or gimmick instead of rushing to stand in line to purchase it. It also means really questioning every purchase, "do I really need this? or can I use the money to pay off my debt?" How low can you get your monthly expenses so that you can dedicate your resources to once and for all paying off the wealthy people, banks and corporations who own you?
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