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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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Credit Card = Debt Consolidation?
Scriptural Financial Freedom Obtaining God's Blessing

 

 

 

 

 

Credit Card = Debt Consolidation?

Credit, Borrowing, and Debt

Today we all tend to use terms like "credit", "debt", and "borrow" almost as if they are the same. But there are distinct differences between the three. You have credit when you are given the right to borrow. When you use that "right", you are actually borrowing. And until you repay, you are in debt.

Debt doesn't seem to bother many of today's buyers. Trade deficits are in the billions, and national debt are in the trillions! The national debt would work out to about $25,000 per citizen! And the invitations continue: "Interest free on your credit card!".

 

Borrowing money has its price. Credit cards make it much easier. Anytime you use credit to borrow money, you precommit your future income. The effects can range from inconvenience to financial disaster.

Many people justify indebtedness with the thought that they are making an investment when they purchase items.

What is an investment? Something you put money into that is growing in value or has an economic return. Therefore, a car is almost never an investment. Rarely does it grow in value or have an economic return. A home may fulfill that defination, but its primary purpose is not to make money but to provide shelter. Follow the Sequential Investment Strategy step by step and you can grow prudently rather than jumping ahead into risky ventures you're not prepared to take.

Even so, we need to step back and gain some prespective on investing. While He encourages us to be wise managers, He also wants us to maintain balance in pursuing our financial goals. So here's a timely reminder from His Word:

Do not overwork to be rich; because of your own understanding, cease! Will you set your eyes on that which is not? For riches certainly make themselves wings; they fly away like an eagle .... (Pro 23:4-5)

There's no get-rich-quick scheme in His Word you can follow. If you pursue money, it will only fly away from you faster. And lead you down paths that head toward destruction.

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

Investments of excess cash flow should be made with a sound strategy, pure motives, and diligent faithfulness.

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


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

 

 

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