What does the Bible say about debt? 1) Lending and borrowing is allowed (Deuteronomy 15:7-8; Psalm 112:5; Matthew 5:42) 2) Repayment of debt is required (Psalm 37:21, Romans 13:8) 3) Be cautious about getting into debt (Proverbs 22:7)
Appropriate debt Inappropriate debt • house • business • medical bills • vehicles? • vehicles? • student loans? • student loans?
Appropriate debt Inappropriate debt • house • debt that keeps you • business from saving and • medical bills giving • consumer debt (i.e., credit cards) • vehicles? • vehicles? • student loans? • student loans?
U.S. Consumer Debt Definition: Credit card or line of credit debt which is used to fund consumption rather than investment; debt for the purchase of goods/services that are consumable and/or do not appreciate. Consumer debt (March, 2014): $3.4 trillion
WHAT SHOULD I DO? Get out of consumer debt (and then all debt) as fast as possible!
WHAT SHOULD I DO? Get out of consumer debt (and then all debt) as fast as possible! WHY SHOULD I DO IT? Getting out of debt will set you free! It is an automatic pay raise. It allows you to save more, give more, deal better with “emergencies”…and even spend more.
(Besides trying to get out of debt as quickly as possible…) 1. Spend less than you earn and keep asking, “Do I really need this now?” 2. If you’re facing financial difficulties, ask for help.
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