Crazy Money! Misuse of Credit
It’s Crazy Money Day!
Americans are spiraling into more and more debt! Total credit card debt officially crossed $1 trillion for the first time in history. Now that’s ridiculous! Average interest rates on credit cards hit a record high of 25%. Average American families hold a record $10,000 in credit card debt. 40% of Americans have more credit card debt than savings. Household debt hit a record $17.1 trillion. Now that’s the mortgage and consumer debt combined for all people in a home. The bottom line is this: far too many Americans are spending more than they can afford. It’s an ominous economic challenge that has to be addressed! Regardless of how it appears today, debt is not the norm for any economy or for God’s people. Our debt-ridden society is now virtually dependent on a constant expansion of credit just to keep the economy going. It’s a symptom of a society unaware or unwilling to follow God’s principles. We see this in many areas, so why would we expect it to be different when it comes to money?
If you have credit cards, use them with constraint. Don’t use them to buy something that’s not in your budget for the month. Pay off the entire bill each month. The first time you can’t pay the bill in full, destroy the cards or go on a spending freeze until the bill is paid. The problem is not the use of credit, it’s a lack of self-control! So pray and ask God to give you the courage to make a plan to become debt free.
And if you’re struggling with credit card debt, Christian Credit Counselors will create a plan that works for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.