On Going Into Debt

“Procrastination,” says an old proverb, “is the thief of time.” But there is also another thief of time which preys upon the present and the future. As an eighteenth century almanac expressed it: “If you want time to pass quickly, just give your note for ninety days.” The future comes fast when a debt is coming due. There are many reasons why men go into debt⎯some unavoidable, some seemingly necessary, some foolish and inexcusable. But no matter how good or how bad the reasons are, no matter how avoidable or unavoidable, trying to figure out how to pay for yesterday’s expenditures on tomorrow’s prospects is a discouraging picture. That which is beyond our ability to pay ultimately proves to be beyond our enjoyment also, because juggling past-due bills, apologizing for unpaid obligations, and walking out of our way to avoid meeting the man to whom we owe money make life miserable. Being able to look at every man in the face, living within our means, buying wisely and carefully rather than hastily and foolishly are important factors in successful and contented living. Of course there are those who take their debts lightly. There are those who assume that a debt is a creditor’s worry and not a debtor’s worry. And there are those who hope that they will never have to pay⎯that some miracle, some Santa Claus, or some forgiving soul, will relieve them of their honest obligations. But this false philosophy has been the undoing of many a man. Optimism is a glorious attribute. But it takes more than optimism to meet a promise to pay. It would also appear that there are some who never intend to pay. But incurring a voluntary debt without the prospect or intention of paying is a flagrant form of dishonesty. When we owe money, we owe it. And money we owe is another man’s money. So much for not getting into debt. But when we do get in, we have an obligation to dig out as best we can. And, in the words of Thomas Carlyle, “two ways of paying debt” are by “increase of industry” and “increase of thrift.” If there is anything we should worry about and do something about, it is our unpaid obligations⎯for a man in debt is not a free man.