This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Are you dependent on these tools?
In today’s world, most people finance something. Most people have some level of debt. Few people manage no debt and don’t finance with credit cards or loans. Even many wealthy individuals leverage financing and credit cards, but it might look different compared to those with fewer resources.
There is a growing reliance on loans, credit, and financing that isn’t getting any better; these tools have become a dominant means for people. The dependence is surreal because people would financially fall into shambles without them. How do we know this? Most people can’t even afford a $500 expense, people are consistently living paycheck to paycheck, and people rarely have enough savings.
Car Notes: As of August 2023, over 100 million Americans have car loans, a record high. This is more than ever before, and the total amount of auto loan debt in the U.S. has grown in recent years, reaching $1.6 trillion in the fourth quarter of 2023 (AI, 2024)
Credit Cards: As of 2022, 82% of US adults, or 214 million people, had at least one credit card. On average, Americans have three credit card accounts, with half of all Americans having at least two and 13% having at least five. However, the number of credit cards a person has can vary by state, with residents of higher-population states generally having more cards than those in states with smaller populations. For example, New Jersey residents have an average of 4.1 cards, while Alaska residents have an average of 2.8 (AI, 2024)
Summary
Stoicism belabors the issue of finding a way to live with less now. Moreover, it encourages its pupils to practice living within their means, to not overindulge in luxuries, and to decrease their dependency on attachments (which credit cards, financing, and loans provide).
Unfortunately, most people would not do so well if they didn’t have access to financing, credit, and loans because they’re used to not living within their means. When you don’t live within your means, you set yourself up to never build wealth.
Credit, financing, and loans are tools, but they are never supposed to become tools we depend on to fund our lives.
Contemplate the following questions:
What would your life look like without access to credit cards, financing, and loans?
How dependent are you on credit cards, financing, and loans?
Do you rely more on money you have or don’t have?
Are you living paycheck to paycheck?
Are you living the minimum payment lifestyle?
Do you charge most of the things you buy?
Do you pay your credit card bill in full at the end of each month?
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.