Tips to ride out the Economic Recession
Recession. Or worse, Depression. Mass layoffs, rocketing interest rates, savings wiped out, homes lost. People, whether christian or not, are certainly wondering about what the future holds. One thing is certain about the economy, there will always be uncertainties. The Bible has several financial principles that helps to beat the recession.
First thing you got to do is get out of debt. Debt and lifestyle go hand in hand in American society. When you use
debt to fund a consumptive lifestyle, not only do you have the consumptive lifestyle
working against you financially, but you also have the additional burden of debt
working against you financially. The Bible actually implies that getting into debt is a curse. Whereas to be blessed is to be free from debt. Read Deut 28:12, and you'll understand. "...and you shall lend to many nations, but you shall not borrow."
Avoiding
the use of debt is incredibly difficult because the promotion of credit card use
has made credit so easy to obtain and the temptation to use credit or debt so
overwhelmingly difficult to resist. Credit card companies are spending hundreds
of billions of dollars to entice each of us to spend and to use credit with cards
that make spending "easier", and those amounts are a pittance when compared
to additional advertising dollars of retailers.
Lending institutions do not want people to pay their credit card debts each month
because of the 18% to 24% interest that is earned on that credit card debt.
Bottom Line
According
to a banker in the banking industry, a person who uses his or her credit card
for convenience sake and pays the debt off each month is known as a "deadbeat".
Calculate
your credit card loan interest as well as your compounding interest with our calculators.
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