Articles > Debt
Understanding credit card abuse and
spending addictions to purchase material goods
"Credit Card Debt …Ouch!"
by Bill & Maureen Sitter
Credit Card Debt - credit card abuse - and even an
addiction to reckless credit card spending - has economically
crippled many Christians. The plastic card is not demonic,
so why are so many in debt bondage to so many credit
"A credit card is a means of buying something
I don't need, at a price I can't afford, with friends
I don't have, from people who aren't polite, so I can
impress people I don't know." Sadly, this quote
from Wilson J. Humber's book, Dollars and Sense, all
too often describes motives for credit card overspending
and outright abuse.
We do not believe that debt is sin, but the failure
to repay what we owe is clearly sin. Psalm 37:21 (NAS)
- "The wicked borrows and does not pay back, but
the righteous is gracious and gives." Credit card
debt, and other high interest consumer debt, has led
far too many into bankruptcies - which are at record
Credit card interest charges represent a terrible waste
of God's resources. Interest expense and late penalties
rob us of the opportunity to put this money to good
use. Many debt consolidation loans or home equity loans
(second mortgages) appear to offer short term relief
but often result in larger debts and possibly the loss
of a home.
Even if you faithfully pay-off the monthly card balance,
and pay no interest charges - you may actually spend
25% to 35% more money each month. That's the findings
of other Christian financial experts (including Larry
Burkett and Ron Blue) who've studied the phenomena.
In other words, paying by check or with cash, and especially
by sticking to a pre-planned spending plan, you are
likely to save a lot of money each month.
What's God's plan? Fortunately we can see in Jeremiah
29:11 that God has a good plan for us. And, in Romans
8:1 we are reassured that the Holy Spirit may convict
us to change, but that condemnation is from the devil
and not from God. Ephesians 3:20 reminds us that God
can do exceedingly more than we can ask or even think.
Finally, in 3 John 2 we have God's New Covenant promise
that He wants us to prosper and to be in good health,
and to have our minds, wills and emotions be healthy,
In the book - Financial Freedom in 7 Weeks Plus, the
subjects of: debt, compound interest, co-signing loans,
and credit card abuse are explored in depth. Most importantly,
the authors provide a Bible-based plan for true freedom
from debt bondage.