Spend accordingly

Debt is plaguing our nation. This is true of our government that has a current debt of approximately $15,500,000,000,000. The estimated population of the United States is 312,400,000, meaning that each citizen's share of this debt is almost $50,000. Think about that… $50,000 per person, including teenagers and children.

But it’s not just our government that has a debt problem. According to one study, the average household credit card debt (this doesn’t include mortgage, cars loans, etc.) is nearly $16,000.

There are several times that the Bible speaks to debt. One these is found in the book of Proverbs, where is says, “The rich rule over the poor, and the borrower is slave to the lender.” (Proverbs 22:7)

Why do we allow ourselves to become slaves to debt?

For many people, it’s the desire to live beyond their means.

Jesus might deal with the same issue in another way…

“Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also…No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money.” (Matthew 6:19-21,24)

Our society teaches us to become slaves to debt so that we can amass treasure in this world. How crazy is that? Even though God warns us not to be slaves to a lender and to serve money, many of us make decisions where we do both.

As many of your know, a little over a year ago, Michelle and I finished paying off over $33,000 in credit card debt. It was such a freeing feeling. Looking back, I know we spent a lot of money we should never have spent on things we didn’t really need.

One of my biggest fears for young people today is that they will make mistakes that lead them into debt. Our culture tells us that we form our identity based on what we own. We often allow our stuff to define us and at the end of the day, that means that our stuff owns us; we don’t own it.

Don’t allow yourself to become a slave. Remain free from the master that is debt.

I am convinced that one of the biggest obstacles for people who want to do good is debt. Instead of having money to give those in need, they have to make a debt payment. Rather then tithe at church, they are paying 10% or more of their income for the credit card’s minimum payment.

The less debt you have, the more you can do for the Kingdom. It often reduces your stress and releases your money for other things. Here is something to think about…

If the average household credit card debt is $16,000, and your minimum payment is 2% of the balance (a typical amount), your monthly payment would be $320 per month. It would take you 704 months (almost 60 years) to be rid of your debt and in that time, you will pay approximately $46,000 in interest.

Even if we disregard the original $16,000 that you spent, think about how much you could have done to serve others with almost $50,000. Your slavery to debt would have made you a servant to another master and your opportunities to serve the Lord would have been severely reduced.

Decide now what master you want to serve, and spend accordingly.

 

shine!
Jason