Monday, August 24, 2015

Living debt free

Debt is a funny thing. Did you know that companies make money from buying and selling debt? Weird, right? Let me tell you how it works.
Company A loans $1000 to you at 2.5% interest. You start paying $1.25 a month to the company in order to make your obligation to them.
Company A gets tired of waiting. They offer your debt up for sale at a discount so they recoup some of the money now instead of waiting for all of the money later. This happens for a variety of reasons that I am not going to get into now.
Company B buys the debt from Company A for half of the $500. You have only made a few payments, so Company B could make back more than they spent (remember, interest...).
This is why at least two of my student loans have passed through three companies hands while I have been paying on them. Annoying.
You know what would be awesome? What if some generous person or company where to buy my debt, even at full note value, and then just write it off. Debt no longer owed. (I'm looking at you, Dave Ramsey!) Imagine the relief, feeling the weight of that debt lifting from you...
The day my wife and I no longer have to pay off debts is a day I will break down and cry. My soul will feel freer than before. Proverbs says that the debtor is slave to the lender. Most of my financial life revolves around paying bills and debts... So I would say proverbs was right.
So maybe it makes more sense now why I was nearly in tears a few minutes ago in the shower when my eyes were opened to my being debt free.
In fact my debt was purchased someone richer than even Dave Ramsey.
He wants to buy your debt to. No thus isn't some get rich quick scheme. It's just the honest truth. He wants to buy your debt and then let you know that you wont be making any payments on it. Why? He loves us. I know this because he proved it by canceling the record of debt that stood against us. With it's legal demands. This he set aside, nailing it to the cross.
My debt could only be paid through one death, namely mine. My wife can't pay my debt, because also had her own to pay. But Jesus, owing nothing, offered face value for all of our debts. Payment on delivery. Standing as act outside the bounds of time, he made payment for all debts at one time. I owed one death. My wife owed one death. So he paid... One death. Each contract fulfilled, my debt is paid, and I can live.
Debt free.

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