(PRWEB) January 7, 2004
Groton, VT (PRWEB) January 7, 2004 Â What weighs 27,156 tons with a total height of 305 feet, beckons ÂGive me your tired, your poor, Your huddled masses yearning to breathe freeÂ Â, and heralds the promise of freedom from tyranny? On October 28th 1886, the Statue of Liberty was dedicated as a commemoration of the American Declaration of Independence and symbolized the freedom America had come to enjoy. Today however there is a new tyranny threatening our homeland. In place of financial prosperity, in place of the American Dream, is a tyranny of debt, precipitated not by the merchants of war but by the merchants of greed.
The American consumer is being warned of debt. One recent headline read: ÂConsumer Debt is soaring! It is out of control!Â while another financial advisor wrote ÂWe have become a country of consumers in debt.Â Consumer debt is so bad that banks are encouraging home equity loans and mortgages to pay for this years holiday credit spending. Why is there so much debt, where does it all end, and who really profits? One would think that spending tomorrows future today is an obvious omen of financial ruin but consumers have been tantalized, misled, even coerced into the false assumption that spending now is not only right, it is the American way.
Gene Jolley, President of Kingdom Financial Principles (KFP) and creator of the Rapid Debt Reducer software, knows about consumer debt: ÂAmerican households carry an average of 8,400.00 on credit cards with a 14.9% interest rate. If just the minimum payment is made on that debt alone, the consumer will have paid 8823.67 in interest! That is 105% profit for the creditors. And it would take 24 years to payoff.Â
The reasons for escalating consumer debt are manifold, ranging from an often jaded relationship between Government and Corporate America to, as one report stated, ÂCorporate greed and corruption is robbing the backbone of America.Â Yet one startling fact remains: consumers continue as willing contributors to the debt dilemma. The end of consumer debt is no where in sight. ItÂs not even a matter of getting the credit cards paid in 24 years because that frame of time assumes the cards are not being used to continue in an already bad habit. Forgive me for my sarcasm but it doesnÂt take a brain scientist to figure that out. And who is really profiting from all this debt? With an estimated 17 billion in debt over this one holiday season the answer is simpleÂCorporate America.
Tyranny wears many masks yet the power over your future is but a decision. The sum weight of the Statue of Liberty is not that measured in tons but in the force of her cry to freedom and her height is not the measure of feet but of the pinnacle to which that freedom can attainÂwhy not be debt free?