The debtor is a slave to his lender.
Americans hold hundreds of billions of dollars in credit card debt alone. To this add automobiles, student loans, mortgages, medical, and myriad personal loans and you arrive at the staggering figure of$2.55 trillion with a ’t’.
This massive debt–encouraged and backed by the US Government–makes us miserable. Seriously. Are you happy? If the debtor is slave to his lender, then the US Government is slave to China and Japan.