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Ralph Waldo Emerson said, ‘A man in debt is so far a slave.’ In our modern times, we have coined a variety of terms that dull the slavish nature of debt. We refer to EMIs as ‘financing solutions’, we speak of zero interest and zero down payments, we hear about floating and fixed rates, but in its most basic form, debt is slavery. The possessions you acquire while you get into debt do not belong to you. They belong to the person who loaned you the money, and because so many of us trade our time for money, he owns your time too, and a tiny bit of your life. In the past, slaves were legal property of their masters. Today, slavery is practised in the form of monetary debt.
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Sharath Komarraju (Money Wise: Aam Aadmi's Guide to Wealth and Financial Freedom)