BEFORE YOU GO BLACK FRIDAY SHOPPING, PLEASE READ THIS ARTICLE AND PRAY
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BEFORE YOU GO BLACK FRIDAY SHOPPING, PLEASE READ THIS ARTICLE AND PRAY
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The poor are always ruled over by the rich, so don’t borrow and put yourself under their power.
(Prv 22:7)
Household indebtedness continued to climb in the third quarter, with balances continuing to rise for almost all types of borrowing, the Federal Reserve Bank of New York reported Friday.
In the third quarter of this year, total household debt increased for the 17th consecutive quarter to $13.51 trillion, more than 20% above the trough it hit in the second quarter of 2013. . . .
Outstanding student-loan debt, auto-loan balances and credit-card balances all rose, according to the New York Fed report.
Americans are mostly keeping up with their debt payments.
U.S. households have been taking on more debt for 17 straight quarters, leading to a total debt burden of $13.51 trillion at the end of the third quarter, according to the New York Fed.
That’s 21% higher than the peak reached 10 years ago, in the third quarter of 2008 during the great financial crisis, and 1.6% higher than the debt level in this year’s second quarter.
In addition to debt levels, delinquency rates also increased in the third quarter, from 4.5% in the second quarter to 4.7% in the third, reaching the highest rate in seven years.
Of the $638 billion in delinquent debt, 65% or $415 billion was at least 90 days overdue, aka “seriously delinquent,” and student loan debt led in the deterioration….
The household debt report, based on data from the New York Fed’s Consumer Credit Panel and anonymous credit records from Equifax data, also found that the share of debt held by older borrowers, 60 and above, increased while the share held by younger people held steady….
Still, serious delinquency on credit cards rose slightly, with 7.94% of balances 90 or more days delinquent at the end of the quarter, up from 7.88% in the second quarter. (Excerpts from Bernice Napach article on ThinkAdvisor.com)
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Lord God, please deliver us Americans from our addiction to covetousness. Lord God, bind the spirit of fear that would have us doubt your provision. Lord, bind our mind to yours, rid us of the compulsion toward materialism. Cause our hearts to want to give to Your kingdom, more than to the world. We ask you to keep us from having an idol of keeping up appearances. Let truth set us free, always. In Jesus name, Amen
Father, I pray for the leaders of this nation, one nation under God, to head this warning. May this be the year our national debt deflates. Not only are Your words apply to individuals, to families, to business as well as to government. And so we pray for our leaders to be wise, no longer mocking Your wisdom & may the walk in fear of You alone, hearing Your voice above the spewing vitriol of mobs that have yet to bow the knee. In Christ Jesus we have Your promise to never leave us nor forsake us. And may we trust in You alone. Amen
“Self-Discipline for Godliness” 1 Timothy 4:7-10
many people want self-discipline but struggle to achieve it. We see this virtue promoted by the health professionals who admonish us to exercise regularly, choose healthy foods, and get adequate sleep. The business world has seminars to help us set and work toward goals and financial experts advise us on self-control in spending. There are even experts who can help us manage our possessions.
Think about all the advantages of personal discipline: It gives us a sense of purpose and accomplishment, helps us feel less stressed, and results in improved health. Yet Paul declares that “Bodily discipline is only of little profit” because it’s strictly for this life. What the apostle finds far more valuable is self-discipline for the purpose of godliness, “since it holds promise for the present life and also for the life to come” (1 Tim. 4:8).
Godliness is a Godward attitude that does what pleases the Lord. It adheres to the teachings of Jesus and flows from the knowledge of the truth as revealed in Scripture (Titus 1:1 NIV) Therefore, we must know what God has said, what He desires, and what He expects of us regarding our character and conduct.
Discipline for godliness requires that we make reading, studying, and impulses in order to obey the Lord. The result will be a life transformed into Christlikeness, a clear conscience, and a spirit that is joyful and peaceful. In fact, the benefits extend even further. This earthly life is a mere breath in time, but godliness goes with us into heaven and leads to the eternal rewards of a life lived fully for Christ. Amen.
8 Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law. Romans 13
I drive a 19 year old vehicle and can say the Lord has blessed me to be debt -free for many years. There is great freedom by going debt – free. It is one of the great secrets for being released by the grip of consumerism. Try it…..there is great FREEDOM.
I was always taught, if you don’t have the money to pay for an item, then don’t buy it. That has always stuck with me from a wise man, my Dad. Was raised in southern Alabama, poor farmers, but rich in love and family!