Dangers of debt

Debt. The world tells you one thing. But there is a better way.

The world says credit is an important part of your financial identity. the more credit cards you have, the better your lifestyle can be. Anything is within your grasp if you can simply get the payments low enough.

The Bible discourages debt because it presumes upon the future - and on God. If you are concerned about economic uncertainty, the last thing you want to do is to take anything about the future for granted.

Debt has two primary dangers.

First, debt always presumes upon the future. If you go into debt, you are obligated to repay - yet you take on that obligation without knowing for certain whether you will be able to repay or not.

Second, debt may deny Him an opportunity to work. For instance, if Ron Blue had funded the start-up of his financial planning practice the "normal" way through a line of credit, he's convinced he would have prevented Him from providing the necessary funds - as He miraculously did!

Action Item:

If the financial forecast calls for difficult times ahead, you should work to get rid of all debt. To do otherwise is to presume on the future.

Today's Bottom Line

Debt - the flip side of compounding - works against you financially.

Calculate your loan interest as well as your compounding interest with our calculators.

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