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8/28/2009 - Pay Off Your Debt and Get Free! Proverbs 22:7
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Pay Off Your Debt and Get Free!
REFERENCE: Proverbs 22:7 Just as the rich rule the poor, so the borrower is servant to the lender.
Observation: Consider this information about Credit Card debt in the United States:
According to Creditcard.com, the total U.S. credit card debt in the last quater of 2008 was approximately $973 billion. The average credit card interest rate is around 12.5%.
Approximately half of all credit card holders pay only their minimum monthly requirements. There are a total of 1.2 billion credit and retail cards in North America. The average American household is solicited seven times a year by credit card companies.
This site features several more mind-blowing statistics:
- Total consumer credit: $1.7 trillion.
- Credit card debt carried by the average American: $10,679.
- Total finance charges Americans paid in 2001: $50 billion. (according to the Motley Fool website)
- Percent of U.S. households deemed credit worthy by the lending industry: 78%.
- Number of credit card holders who declared bankruptcy last year: 1 million.
Imagine if that $50 billion could be used to expand the Kingdom of God and help the poor instead of wasted on interest. God does not want His kids to be the servant of anyone except Him. Too often we are unable to give like God would want us to. We are unable to bless our families like we would want to. We are under stress and anxiety and it is all because of the debt we carry.
There seems to be more and more evidence that God is calling His people to be free from debt and free to do as He asks us to.
Application/Confession: I have a very small balance on my credit card that I am working to get rid of. I am also working (hard) on the mentality of living beneath my means instead of at (or slightly above) them. I want to live within financial margins. PRAYER: Lord, I don´t want to be anyone´s servant but Yours. Bless me, help me and enable me to stay free from credit card debt and to live within the margins You have set out for me.
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