W.E.B. Dubois: Debt to Creditors
on Sunday, March 15, 2020W.E.B Dubois Money Quote saying your creditors own a piece of you and have significant power over your financial life. W.E.B Dubois said:
“Many a ruined man dates his downfall from the day he began buying what he did not need. If you are in debt, part of you belongs to your creditors. To whom you give your money, you give your power” — W.E.B Dubois
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This quote from W.E.B. Du Bois suggests that excessive spending on non-essential items can lead one toward financial ruin, and taking on debt obligations compromises one’s independence and autonomy by giving creditors influence over decisions. Some key points in interpreting his perspective:
- Du Bois implies that purchasing luxury goods or experiences beyond one’s means is a path that often ends in debt difficulties and economic hardship.
- He portrays debt as a type of relinquishment of self-determination, with lenders effectively wielding “power” over debtors through their financial leverage from loan balances.
- However, reasonable experts also note that some debt, like low-interest student loans or mortgages, can enable important goals for some individuals if the terms are suitable and the debt is managed responsibly as part of a holistic financial strategy.
- A balanced interpretation is that while reflecting Du Bois’ cautious viewpoint, personal finance requires moderation – neither excessive debt nor a complete avoidance of debt optimize well-being for all, as circumstances and priorities vary significantly between individuals.
Overall, the quote conveys Du Bois’ belief in avoiding non-essential spending and debt obligations that compromise independence. But the best analysis also considers counterarguments and recognizes that for some, limited, short-term debt can make sense in certain contexts if responsibly planned as part of a holistic approach, while others prioritize avoiding debt altogether according to their risk tolerance and needs over the lifetime. Multiple reasonable viewpoints exist in ongoing discussions of these complex topics.
Birthday: February 23, 1868 – Death: August 27, 1963