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Financial Articles
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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wealthiest by default
Scriptural Financial Freedom Obtaining God's Blessing






Wealthiest by Default


How did the United States, the world's richest and wealthiest nation, come to the brink of a catastrophic default on its debt that could send shockwaves through the fragile world economy?

Dire economic downturns -- including the worst since the Great Depression of the 1930s -- giant tax cuts, costly wars in Iraq and Afghanistan, and a pricey new health program for the elderly all helped sour Washington's fiscal picture.

Or, as President Barack Obama put it literally in a speech late Monday to plead for a blend of deep cuts to government programs and increases to tax revenues: "For the last decade, we've spent more money than we took in."


Nervous Americans are bombarding their financial advisers with questions about what to do if the U.S. government defaults on its debt. Although we do not expect the stalemate to result in a temporary default, we now see a more than 50% chance that US sovereign debt will be downgraded by the rating agencies in the coming months.

When this happens, it will send shock waves across the U.S. economy that will hit consumers and businesses, both struggling through a weak global economic recovery.The debt ceiling debate already is weighing on the economy.

The world says credit is an important part of your financial identity. the more credit cards you have, the better your lifestyle can be. Anything is within your grasp if you can simply get the payments low enough.

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:


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!

This article is from financial articles




Financial Freedom Tips & Toolbox

Today's Pick: The dangers of Debt The Dangers of Debt by [Stacy Johnson]



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