How Governments and Banks Keep You Poor

You've just graduated college and worked your first month at your new job. You've worked extremely hard to get this position, and getting that first paycheck feels like such a triumphant moment. The possibilities of what you can do with your income are exciting. This is the first time you've had a sense of freedom over the money you've earned. But the sad truth is you don't have any freedom, and that reality becomes clear when you open a letter you receive in the mail a few days later.

It's from a student loan program informing you of your repayment schedule. This paycheck never really was yours; you owe money. You're in debt and will be in debt for a very long time. Once the realization sets in, every coffee purchased or drink with a friend suddenly starts to feel like you're splurging with someone else's money. It makes you feel guilty and sometimes even depressed. This is the story of around one in five American adults who have student loan debt. But in reality, this isn't your fault; it's just one of the ways that governments and banks might be keeping you poor.

The truth is debt can lead you down a pretty dark road, especially if you're not concerned about falling deeper into it. Household debt in the US just hit a record high of 16.9 trillion dollars. That's 16 with 15 zeros behind it. Even making six figures, you're more likely to be living paycheck to paycheck than thriving. College-educated people with high-paying jobs are struggling to cover basic rent and car payments. Add with the losses on 401ks and investment accounts, and you can see why money managers are adjusting how they protect and grow their clients' wealth.

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Before continuing, I should clarify that not all debt is bad. It can give people opportunities that they might not have had otherwise. It allows startups to get off the ground without using personal capital, and it allows people to make big purchases that can be paid off in smaller chunks spread over a long period of time. But too much debt and lousy interest rates can cause severe problems. Studies suggest that being in debt can make you more anxious, depressed, and cause many people to experience suicidal thoughts.

You might feel okay with how much you owe right now, but these mental health issues can grow bigger as your debt gets higher. Debt also makes your future feel limited. Your ability to travel, make big purchases, and move on to another phase of life is greatly challenged by the amount of money you owe. For instance, you can't get a mortgage if you have too much student debt. Debt can impact your relationships and health, and there are studies linking bad debt ratios to high blood pressure and higher rates of divorce.

It goes back to that feeling of splurging on something using someone else's money. This feeling puts a spotlight on spending habits within a relationship, causing stress, arguments, and separation. You don't need to be a gambling addict to have fights over money. You might think it's okay to incur debt because when you die, it dies with you. But this...