Is It Time for Christians to Get out of Debt?
Unless you live in a rabbit hole, the worldwide economic turmoil may be causing concern. Is God judging us? Are we on the verge of the Great Tribulation? Will things get worse? How should we prepare for the worst? SHOULD we prepare for the worst.
Bluntly put, only God can answer those questions. However God has given us brains to think with and His Word to go by. Personally, it's been on my heart to get as far out of debt as possible... and to suggest that you ask God what His Will is for you. However, it may be profitable to explore some reasons why this economic mess happened and how we, as Christians, could get swept up by it.
When the "Real Estate Bubble" burst, it was not a surprise to many. Signs were everywhere.
Everybody was pushing mortgages and home equity loans.
Brokers were stretching the limits on what folks could afford and urging borrowers to bite off way more than they could chew.
Prices continued to skyrocket. Housing price increases of 20, 30, and 50% a year simply cannot continue forever.
More and more people were churning the equity in there homes to finance increased buying.
So did rising housing prices affect the price of gas? Possibly. There are several factors to consider...
Because prices were so high, many people opted for long commutes. Those long commutes eat up gas, increasing consumption. Multiplied by millions of people, it could affect demand.
Plus the commodities market is speculative in nature. People guess. However, anybody likes to believe their guess is based on rational, rather than emotional factors. Could commodity traders bid up oil prices based on housing factors? Possibly. So what does all this mean to us as Christians?
Will things get worse? What do we do?
The short answer is... it doesn't matter whether things get worse. We are to place our trust in God, not politicians, not our jobs, not the economy. As such God put some principles in place to guide us financially. Principles like...
Stay out of debt. This may or may not include mortgage debt, but I'm convinced even this debt needs to be at the most manageable level possible. One advocate, Leo Quinn, maintains it makes more sense for many to rent rather than own a home. He does a pretty good job proving his case too.
Pay off your credit cards. Except for emergencies, why should Christians be borrowing to live month to month?
Pay off your car loans. One dealer said it best... "People don't buy cars, they buy payments." If you're in a situation where your car is not worth what you owe on it (a likely circumstance), then you need to get out as soon as possible. Pay off the car and make it a goal to pay cash for your next car. Don't rely on your ability - rely on God's!
Aim to be a good steward. God promises to meet our needs. He never says we should live in squalor, however many of us, especially in the United States, feel "meeting our needs" means having the best of everything no matter how much it costs. This is simply not true.
We don't need the finest cars.
We shouldn't covet the most expensive houses.
Christians should never use the number of toys we posses as a measure of success.
If you need help getting out of debt, you have several options available. One is to seek out a debt counselor. Do be careful as many sharks swim in those waters. Your church may also have resources available. These may range from other knowledgeable members to a formal program to help others. Another option is an ebook like Leo
Quinn's "You CAN Own Your OwnPaycheck Again". Leo shows how you can start today and "snowball" even tiny successes into huge rewards.
Even in an economy as uncertain as this one, God takes care of His people. By following solid principles like being a good steward and building heavenly, rather than earthly wealth, you'll be in position to weather any storm.
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