Showing posts with the label Debt: The First 5000 Years

When Should You Repay Your Student Loan? How about . . . Never!

T o Owe Is to Own Do you remember this line:  “So Romeo would, were he not Romeo called, / Retain that dear perfection which he owes / Without that title.”?  “Owes” used to mean “owns.”?  I’ve been reading David Graeber’s book Debt:  The First 5000 Years .  It begins with the American proverb:  “If you owe the bank a hundred thousand dollars, the bank owns you.  If you owe the bank a hundred million dollars, you own the bank.”  I can remember my father telling me this.  I thought he made it up.   Avoiding Debt I’ve always had an aversion to debt.  I think it has something to do with when I was five and my mother, as she was leaving to go to work, telling me, “If there is a knock at the door, just sit on the floor and be quiet.  Don’t answer the door; they might be bailiffs.”  Of course, like everyone else, I’ve understood that it is impossible to get on in the world without a car loan, a mortgage, a credit card and a line of credit.  Nonetheless, I’ve always been fairly o