I'd like to talk about a topic that is not necessarily a pressing matter for people buying luxury real estate, but which I still find very important: Debt. It is very sad to me to see so many people struggling with the enormous burden of debt.

I recently read a wonderful editorial in The Seattle Post-Intelligencer entitled "The great seduction," in which author David Brooks points out the astonishing truth about debt. Brooks notes that for the past 30 years Americans have forgotten our noble heritage of frugality and living within our means. We have even forgotten the lessons of the Great Depression that we should not overextend ourselves on credit.

I have heard people argue that easy credit is a good thing because it leads to additional economic growth and a wealth of new capital to expand business operations and ventures. I politely disagree. Yes, debt gives us more money in the short term to grow, but it is a false growth based upon a false sense of stability.

Debt has a way of perpetuating itself. Years ago, homebuyers paid off their home loans as quickly as possible because they understood the disadvantages of being indebted and paying interest. However, now we are encouraged to stay in debt and use our unpaid-for assets as leverage to go into even more debt.

I am not desirous to abolish all debt because it serves a useful purpose in moderation. But I would like to see debt portrayed as less of a convenience and more of an obligation and hardship that should not be undertaken lightly.

Many people who declare bankruptcy do so after facing unexpected medical issues, job loss or other life-changing events. I think that people are smart and that they can make it through these tough times if they are prepared. But many of us are not saving money and we are drowning in ever-growing debt.

I want to see this change. No matter if you are rich, poor or somewhere in between, simply living within your means will help you avoid the unhappiness and stress of living in debt.

The above picture is from www.anxietyculture.com/debt.htm.