Finance for the People by Paco de Leon

Author:Paco de Leon [Leon, Paco de]
Language: eng
Format: epub
Publisher: Penguin Publishing Group
Published: 2022-02-02T00:00:00+00:00

As long as consumers rely on debt to buy things, companies don’t have to change their behavior either. Owners and shareholders can continue to keep workers’ pay down while benefiting from their labor. It’s a double win for companies because they can get away with unsustainable wages, yet they can still sell their products and services to the very people who can’t afford them so long as they have credit. It’s really an incredible bubble of denial that we have constructed. This contributes to why it’s become normal to be underpaid and overleveraged. It’s never just one cause—remember how everything is connected and interwoven.

So, if you are in credit card debt, you already know that it’s important to get out of it. You already know that it’s expensive, it’s stressful and that paying interest is keeping you in a bad situation or making it worse. The energy that goes towards debt management is energy that can’t go towards your relationships, your creativity, and your joy. I’m not mentioning all of this to make you feel bad about your debt. What I want you to feel is a sense of urgency.

How would you react to a small trash can fire in your room? You’d probably not be able to ignore it, because it can get out of control real fast. And you’d probably act urgently and swiftly to minimize the damage. And most importantly, once it’s snuffed out, to the best of your ability, you’d probably make sure the circumstances that caused it can’t cause it again.

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