Taxes are the bane of some people’s existence. They represent a huge financial barrier to prosperity for many Americans or they create resentment towards the government for others. There are still some who regard the taxation process with a degree of ambivalence, but Ted Bauman wants to talk about taxes and debt seriously in his article, Debt: The Invisible Threat to Your Wealth. According to Bauman, this article is a powerful motivator towards the steps individuals must take to secure debt relief. He explains that while it is popular to blame high taxes for the discrepancies present in paychecks, it might be more affected by personal debt and creditors.
Bauman is insistent that debt is the real monster, particularly credit card debt, mortgage debt, and personal loan debt. People are may barely be noticing the interest increases the same way that taxes increases are noticed, but they are just as important to individual wealth as taxes are. The problem might be that politicians use tax cuts as a platform, but credit debt is never mentioned. The reason that debt is so detrimental is that interest is causing false inflation on goods. This means that costs are increasing, but people believe that they are still getting high-quality products. They may even be buying things that they don’t necessarily need. Along with low-quality items and the overuse of credit debt, Americans are experiencing a decreased standard of living.
Bauman has a solution to this problem. Instead of relying on credit, Americans can cut that down on expenses and rely solely on their income. It might sound hard, but he believes that it would be better than getting a tax cut. By eliminating the overuse of credit cards and other types of debt, consumers would purposefully be reducing creditor’s influence on themselves and the market in general. After an adjustment period, they could be living a completely different life.
At this time, Ted Bauman continues to offer his sage financial wisdom through his position as an Editorial Director for Banyan Hill Publishing. He has completed substantial work in his field, contributing positively to his overall knowledge. He chose to work on writing full time to embolden the public with the accurate knowledge they can use to participate in sound financial planning. In addition to finances, Bauman is also well versed in privacy matters, international migration issues, and investment strategies. He is an avid writer and releases work frequently with Banyan Hill Publishing.