debt_what_history_has_taught_us

Debt – We can learn a thing or two about it from history…

Believe it or not, people have literally been getting deep into debt since ancient times. What has changed over the course of the past few millennia is the way people have been getting out of debt. As the inventions of the abacus, algebra and APR interest can attest, humans, and credit card companies, are quite savvy. They are also a merciless breed when it comes to getting their money back.

In Ancient Rome, you could pledge yourself as collateral in order to borrow a loan but if you failed to repay, then you would consequently become an indebted slave, forced to work off your remaining balances. If this was still 400 BC, could you imagine becoming a slave simply because you couldn’t control your impulses to indulge in fanciful cloth, bountiful feast, and Italian wine containing no sulfites? Collection calls really pale in comparison with shackles on your feet.

During Europe’s Middle Ages, the advent of debtor’s prisons became a popular way to punish those who could not repay their debts. It was then the burden of the debtor’s friends and relatives to pay down their balance. It’s a very bleak scenario: just imagine one of your relatives locked up, suffering from starvation and the bubonic plague, and as their family member it’s your responsibility to pay off their debt. Talk about stress. I would almost prefer to get beheaded…

At Freedom Debt Relief, we get it: being a slave or prisoner to debt, whether literal or figurative, is no way to live your life. If we can learn two things from the history books: 1.) Thank your lucky stars that the debt collection laws have evolved over the course of the last few millennia, and 2.) overextending on credit will always bite you in the rear. While life can be hard at times, if you are struggling with credit card debt, whether it be from that authentic Italian dinner at Olive Garden or buying too much low-sulfite wine, it’s time to do something about it, lest you lose your head.