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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 for dinner, debt for breakfast

 

Scriptural Financial Freedom Obtaining God's blessings

 

 

 

 

 

Credit for dinner, debt for breakfast

Credit card debt is responsible for causing economic uncertainty in America. Many families owe $40,000 or more on credit cards. They are constantly haunted by calls from credit card companies. Many families struggling to pay their mortgages or put kids through college say their real problem started with credit cards. The temptation to borrow a few thousand got them rolling into a debt avalanche.

According to one report, almost half of all bankruptcy cases stemmed from credit card debts. About 80 per cent of them were males. Slightly more than 70 per cent of bankrupts who cited excessive credit card debts were between 31 and 50 years old. America is a nation drowing in debt.

 

The common mistakes in financial planning are all, in one way or another, related to debt. Debt and lifestyle go hand in hand in American society. When you use debt to fund a consumptive lifestyle, not only do you have the consumptive lifestyle working against you financially, but you also have the additional burden of debt working against you financially. Both should be avoided like the plague!

Avoiding the use of debt is incredibly difficult because the promotion of credit card use has made credit so easy to obtain and the temptation to use credit or debt so overwhelmingly difficult to resist. Credit card companies are spending hundreds of billions of dollars to entice each of us to spend and to use credit with cards that make spending "easier", and those amounts are a pittance when compared to additional advertising dollars of retailers.

 

Conclusion

Lending institutions do not want people to pay their credit card debts each month because of the 18% to 24% interest that is earned on that credit card debt.

 

Today's Bottom Line

According to a banker in the banking industry, a person who uses his or her credit card for convenience sake and pays the debt off each month is known as a "deadbeat".

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.

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: The dangers of Debt The Dangers of Debt by [Stacy Johnson]

 

 

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