Are You a Slave to Debt?1 min read

The estimated reading time for this post is 1 minutes. This post may contain affiliate links.

Modern Slaves Are Not In Chains, They Are In Debt

“Modern slaves are not in chains, they are in debt.” ~Anonymous

I saw this in one of my Facebook groups and thought I would share. The truth of this quote just struck me funny.

How true, but sad that in today’s society, we can’t always see the shackles people are wearing, but they are still there, keeping people from their dreams and tying them to a job they don’t like among other things!

Which way are you working?

Towards more debt or towards freedom?

I would challenge you to develop a plan to work off and free yourself from this bondage that we call debt!

Some interesting debt facts to consider:

  • Credit Card Debt

    • Average American Household Debt: $5,700. Average for balance-carrying households: $16,048 (source)
    • 38.1% of all households carry some sort of credit card debt. (source)
  • Student Loan Debt

    • Student loan debt is currently at 1.2 trillion and climbing. (source)
    • The average 2016 grad holds $37,172 in student debt. (source)
    • One in four student loan borrowers are either in delinquency or default on their student loans according the Consumer Financial Protection Bureau. (source)
    • Since 1999, student loan debt has increased by 500% while incomes for young workers have decreased by 10% since the year 2000. (source)
  • Mortgage Debt

    • Americans owe an estimated total of $8 trillion in mortgage loans. (source)
    • The average American owes an estimated $150,000 in mortgage debt. (source)
  • Vehicle Debt

    • Outstanding auto loans have hit more than a trillion dollars, with an average balance of $12,000 per person (or nearly 8 percent of disposable income) (source)
    • One-third of car buyers sign up for a six-year loan at an average interest rate of 9.6%. (source)
The following two tabs change content below.

Steven Goodwin

Owner/Blogger/Consultant at MyFamilyOnABudget
Steve Goodwin, a stay-at-home dad of two girls is passionate about finances and is helping others just like you get out of debt and build wealth handling money God's way. His goal is to inspire people like you to gain control of their finances by destroying debt and building wealth using their cash flow.
Posted in Finances, Quotes.


  1. Great post full of depressing facts! There is much more to life than servicing debt; that Anonymous quote nails it. In my mind, the first step to financial freedom is debt avoidance because debt can totally destroy your cash flow, morale, and financial flexibility. Kids, don’t do it!

    • Ed, thanks for the comment! I agree, they are depressing, but they are also motivating in that I don’t want to be contributing to those stats. Debt avoidance and your mentality towards debt is very important! We are happy to be debt free other than our home mortgage, which we are working to eliminate as well!

Comments are closed.