38% of households making between $50,000 and $74,999 a year have more credit card debt than emergency savings.
60% of credit card debtors say they have been in credit card debt for at least one year.
19% of those with credit card debt have been in debt for at least five years.
31% of people ages 26-41, with credit card debt say that day-to-day expenses are the primary reason why they carry a credit card balance from month to month.
What does God’s word say?Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? 29 For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, 30 saying, ‘This person began to build and wasn’t able to finish.’
Luke 14:28-30
Jesus tells the crowds following him that they need to “count the cost” of becoming a true disciple.
Why does Jesus talk about how costly it is to become a follower of his and in the next sentence he starts talking about money? I believe it is because in his day and age they treated debt very seriously. My son, if you have put up security for your neighbor, if you have shaken hands in pledge for a stranger, you have been trapped by what you said, ensnared by the words of your mouth. So do this, my son, to free yourself, since you have fallen into your neighbor’s hands: Go—to the point of exhaustion— and give your neighbor no rest! Allow no sleep to your eyes, no slumber to your eyelids. Free yourself, like a gazelle from the hand of the hunter, like a bird from the snare of the fowler.
Proverbs 6:1-5
The bible says if you have gotten into debt GET OUT! As fast as you can.
Two reasons we go into debt:
We “need” to
Want and Impatience
Sometimes we find ourselves going into debt because we feel we have no other choice. If the car needs tires and we don’t have the money we have two choices. One is to wait until we have the money and not use the car. Not a good option. The other is to use a credit card. Not a good option.
The real truth is that we did not have a plan to replace the tires all the time while they were wearing out.
Jesus says: won’t you first sit down and make a plan?
Sometimes we find ourselves going into debt because we want something and we simply do not want to wait.
Better to be a nobody and yet have a servant than pretend to be somebody and have no food.
Proverbs 12:9
Here are three things we can do now to help.
- Say no to dissatisfaction
“If we find ourselves with a desire that nothing in this world can satisfy, the most probable explanation is that we were made for another world.” -C. S. Lewis - Make a plan, Jesus said won’t you first sit down and make a plan.
You need to have a plan when it comes to money. You need to sit down and write that plan out. Christmas is coming up, have a plan in place so you don’t buy gifts with credit. - Sign up for the Financial Peace University Class.
If you have never been through this class I think you will find it worth your time.
