We are sorry to inform you about the condition of our finances. Currently your mother and I each have an unpaid debt as of today of $55,038.76 totaling $110,077.52 for the two of us. We have been making payments on the interest but have not been able to reduce the principle. In fact, the principle amount is going up each day and it appears that you will inherit a debt significantly larger than this current amount.
I’m sure this must surprise you as parents are supposed to leave inheritances and not debts to their children. You probably are wondering how we got into such a situation and are making no efforts to reduce this debt. What it amounts to is that we have grown accustomed to a lifestyle where we expect to receive more than we pay for. And as it turns out, the banker has been extremely lenient, allowing us to incur more debt and spend more money on the theory that somehow we will spend ourselves out of debt! It seems the bankers even think that to raise our payments or make us curb our expenses will only make life harder, and we wouldn’t want that, would we?
The bankers have even been so understanding that they allow us to pass this debt along to you. Truth is our parents passed some of it along to us, and we’ve done a great job adding to it. Actually, the bankers are pretty certain you will understand because they have let you incur a similar debt, which is growing as well. They are probably thinking you won’t mind too much because you can pass this along to however many children you have, or even total strangers!
Sometimes we wonder what will happen if the interest grows to the point where we can’t pay it and the bank has to call our loans in for repayment, or collapse. But it seems like this is a problem that probably won’t occur in the years we have remaining. And the bankers keep saying that they will find a solution to this “somewhere down the road.”
So we hope you won’t worry too much about this or hold it against us. We just wanted you to know.
That’s all for now. Gotta go–we’re headed to the mall to put some more stuff on the credit card.
*In case you haven’t figured this out, this is a parable about our national debt.