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World Bank chief warns of financial crisis World Bank chief Robert Zoellick on Saturday warned of a "new and more dangerous" time in the global economy...
US Recession Risks Rises The threat of a new recession is rising in the United States, economists say, as they slash their ..
Unsafe US debt remains safe haven US Treasury bonds remain a hot ticket for investors looking for a low risk investment in a volatile market despite the unprecedented ...
US borrowing tops 100% of GDP US DEBT shot up US$238 billion (S$287.2 billion) to reach 100 per cent of gross domestic project after the government's debt ceiling was lifted
Consumers consumed by debt The average consumer may feel far removed from the heated debates concerning the $14.3 trillion debt ceiling. But the truth is...
Financial Crisis II. Get out of debt now There is increasing talk among traders and financial analysts that the latest slump in global share markets
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Consumers consumed by debt
Scriptural Financial Freedom Obtaining God's Blessing

 

 

 

 

 

Consumers consumed by debt

 

The average consumer may feel far removed from the heated debates concerning the $14.3 trillion debt ceiling. But the truth is, American households are dealing with plenty of their own problems, and the debt issues weighing down the nation are similar to those facing consumers.

According to Federal Reserve data, total household debt in the nation at the end of 2010 amounted to about $13.4 trillion, which means consumers owe almost as much as the federal government. The conclusion to be drawn is the U.S. population (as well as the government), is addicted to debt.

Unlike the US Government, credit card companies and other lenders are not inclined to solve consumer overspending by raising the credit limit. While some card issuers may raise limits in some cases for their best customers, most will simply cancel the card or close the account and demand full payment.

 

According to the consumer website Creditcards.com, average credit card debt per household with credit card debt in the United States is $14,687. The Federal Reserve earlier this year conducted a survey of U.S. households that showed the median net worth of households fell from $125,000 in 2007 to $96,000 in 2009.

The Bible discourages debt because it presumes upon the future - and on God. If you are concerned about economic uncertainty, the last thing you want to do is to take anything about the future for granted.

Debt has two primary dangers.

First, debt always presumes upon the future. If you go into debt, you are obligated to repay - yet you take on that obligation without knowing for certain whether you will be able to repay or not.

Second, debt may deny Him an opportunity to work. For instance, if Ron Blue had funded the start-up of his financial planning practice the "normal" way through a line of credit, he's convinced he would have prevented Him from providing the necessary funds - as He miraculously did!

Action Item:

profit

If the financial forecast calls for difficult times ahead, you should work to get rid of all debt. To do otherwise is to presume on the future.

The Bible does show many ways to overcome any financial crisis. Many of these principles are laid out in our successful course, the Scriptural Financial Freedom series. To learn more, you can download the Small Groups kit from our estore.

 

Today's Bottom Line

Debt - the flip side of compounding - works against you financially.

Calculate your mortgage, credit card repayment, loan interest as well as your compounding interest and more with our 25 calculators!


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Financial Freedom Tips & Toolbox

Today's Pick: Money, God and us Money, God and us by [Ian Goligher]

 

 

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