Yet another close call. Nervous Americans are bombarding their financial advisers with questions about what to do if the U.S. government eventually defaults on its debt some time in the future. The US has already lost its prestigious triple A credit rating for the first time in its history, a situation that could trigger chaos in the global markets and have a catastrophic impact on global economic growth in the working. The threat of another downgrade looms. Will it eventually default one day?
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 issue already is weighing on the economy, and will continue to have an impact for future financial decisions. Businesses around the globe will fold as the number one consumer in the world no longer has buying power.
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!
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 Store.