An interesting article in Zero Hedge on Friday said this: 7 Out of 10 Americans Believe That Debt is a Necessity In Their Lives:
“Most of us wish that we didn’t have any debt, but we have bought into the lie that it is a necessary part of life in America in the 21st century.
It has been estimated that 43 percent of all American households spend more money than they make each month, and U.S. households are more than 11 trillion dollars in debt at this point.
When it comes to government debt, that is easy for us to blame on someone else, but all of this household debt is undoubtedly something that we have done to ourselves.”
Opinion: At a young age I remember my Dad calling a family meeting to celebrate the paying off of our mortgage. Dad told us that several people criticized the move saying he would be missing out on tax deductions, to which, he responded:
“How could it benefit anyone to pay thousands in interest and get a fraction of it back in a tax refund?”
I had my own family celebration years ago upon paying off our mortgage. To be sure, there was a lot of stuff we could have bought with the 6 figure check but I never forgot the look on Dad’s face and I wanted that for my family.
Since then, avoiding debt has been a priority. That means doing with a smaller home, less expensive cars and living within our means.
Moses taught the Israelites about debt on their way to the Promised Land “The Lord shall open unto thee His good treasure, the heaven to give the rain unto thy land in His season, and to bless all the work of thine hand: and thou shalt lend unto many nations, and thou shalt not borrow.”
Sadly, America is the largest debtor nation on earth.
Click on the blue link above for: “What Does The Bible Say About Debt?”