AN ODE TO THE DEBT RESISTOR
Everyone is affected by debt, from recent graduates pay- ing hundreds of dollars in interest on their students loans every month, to working families bankrupted by medical bills, to elders living in “underwater” homes, to those tak- ing out payday loans at 400% interest to cover basic living costs, to the teachers and firefighters forced to take pay cuts because their cities are broke, to countries pushed into austerity and poverty by structural adjustment programs.
Everyone seems to owe something, and most of us (including our cities) are in so deep it’ll be years before we have any chance of getting out—if we have any chance at all. At least one in seven of us is already being pursued by debt collectors. We are told all of this is our own fault, that we got ourselves into this and that we should feel guilty or ashamed. But think about the numbers: 76% of Americans are debtors. How is it possible that three-quarters of us could all have just somehow failed to figure out how to properly manage our money, all at the same time? And why is it no one is asking, “Who do we all owe this money to, anyway?” and “Where did they get the money they lent?”