While financial debt seems to have become an accepted way of life, our nation may just be digging a hole so deep that succeeding generations will not be able to climb out. Our consumer and material obsessed culture is sending a strong message to emerging generations telling them it's okay to go into debt to satisfy your personal appetite regardless of the terms. Personal debt is at an all-time high and climbing. Individuals and families seem to be following the lead of our government. According to the Bloomberg Report:
May 30 (Bloomberg) -- For the moment, at least, financing the U.S. budget deficit may be getting less arduous as foreign investors now own a record 80 percent of the Treasury notes due in three to 10 years. Not since the 19th century have foreigners held so much American debt, said Alan Taylor, a professor of economic history at the University of California, Davis. International investors own $672 billion of the $835.4 billion Treasuries due in three to 10 years, according to research by Lawrence Dyer, a New York- based strategist at HSBC Securities USA Inc., the investment banking arm of HBSC Holdings Plc in London.
The national consumer debt average is somewhere around $8,000 per family. This does not include home mortgages. According to MSN.com , 43% of U.S. families spend more than they earn. In 2004, consumers owed $2-trillion in debt and $750-billion (Billion with a "B") was attributed to credit card debt.
Half of all U.S. households with debt report having difficulty making their minimum monthly payments. If the average debt is $8,000 per family and you make the minimum payment at 18% interest, it will take 25 years and 7 months to pay off the debt. And it will amount to $15,000 in interest being paid. See Kim Khan's article on MSN.com at:{ http://moneycentral.msn.com/content/SavingandDebt/P70581.asp}
Popular Christian financial counselor and speaker Dave Ramsey ("Financial Peace," "The Total Money Makeover") is a strong advocate of people cutting up their credit cards and using "cash only" for purchases. Ramsey also advocates having six-months of salary socked away in a "rainy day" fund. Given the latest consumer debt statistics it would seem that the majority of Americans can't even sock away a month's salary. Someone has said, "If your outgo exceeds your income, your upkeep could be your downfall."
Financial ministry leader Dick Towner {http://www.goodsenseministry.com/} says Christ-followers should be generous with whatever we have and that we should save a first part of whatever receive financially. He provides a useful rule of thumb regarding debt: "I'll never incure debt on something that will decrease in value, or that I would use up as I'm still paying for it."
Christ-followers should take the lead on fiscal responsibility. From the moment of creation in Genesis, God entrusted us to be good stewards of the resources He created. Sadly, most Christ-followers are as addicted to having things and stuff as the rest of our culture. We've got to do a better job of modeling financial responsibility. The future of the U.S. economy hangs in the balance, not to mention the future of the church as fewer and fewer give financially to their church but continue to rack up debt that often exceeds their level of income. We cannot allow future generations to think that amassing personal debt at the expense of cheating God out of a portion of the total He has given each of us is acceptable and pleasing to God.
What a challenge the Apostle Paul makes in Romans 13: "Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law." More love, less debt, sounds like a plan that could change a culture and reach many for Christ!
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