This quote implies that incurring debt is equivalent to giving up your freedom. When you owe someone money, you are under their control to some extent because you have an obligation to repay them. This obligation can limit your options and decisions, as you must consider your debt and the need to repay it. In essence, debt makes you a servant to the lender, as you’re bound to them until the debt is paid off.

The concept of debt isn’t limited to just financial situations. It can also refer to any situation where you owe something to someone. For instance, if you constantly rely on others for help or favors, you might feel indebted to them, which can limit your freedom and autonomy.

Applying this idea to today’s world, it’s clear that many individuals, businesses, and even nations are heavily in debt. This can limit their ability to make independent decisions and can result in a loss of control over their own future. For instance, a person with a huge amount of debt might have to forego opportunities like starting a business or pursuing further education because they need to focus on repaying their debt.

In terms of personal development, this quote can serve as a reminder to live within our means and avoid unnecessary debt. By doing so, we retain control over our lives and can make decisions based on our own desires and needs rather than being dictated by the need to repay debt. It also underscores the importance of financial literacy and planning – skills that can help us avoid debt and maintain our liberty.