So let’s start our talk about debt by going to the Bible first, shall we? Proverbs 27:7 says, “The rich rules over the poor, and the borrower is the slave to the lender.” (ESV) Obviously, being in debt is not what God desires for us. It may not be a sin, but it is certainly not wise either. While there may be situations in life where we have little to no control over major debt situations, we are mainly talking about things we can control here. The way Mr Ramsey views debt is completely opposite of the way this world treats debt. He says we must shift our perspective or we will always be the slave to some lender or other. He says, “The world wants us to believe that debt is a service or reward that is offered to help consumers. Lie! The truth is: debt is a product – the most successfully marketed product in history.” (p77)
Recall how we talked about saving for purchases last week? In our not too distant past, people actually only bought what they physically had the funds to buy. Imagine that!? It was not until 1950 that the first credit card was even created! (see p80) Others quickly followed and now, as Mr Ramsey says, “…we can’t imagine, living without car loans and credit cards!” (p81) He says, “And if you tell a lie or spread a myth often enough, loud enough, and long enough, eventually, the myth becomes accepted as truth. That’s where we are with debt in America: trapped in the myth that credit is a normal, healthy part of life.” (p81)
This author gives us several myths we must learn the truth about so that we can succeed at getting, and staying, out of debt. I will only mention this one, since I am specifically talking about credit card debt here, “Myth: if I pay my credit card off every month, I’ll enjoy the perks without the pain of overspending and debt. Truth: when you pay with plastic instead of cash, you spend more.” (p90) He cites a study that showed, spending physical cash caused pain sensors to go off in our brains, while using credit cards did not. So because of the disconnect between spending and feeling it, when we pull out the plastic, we will spend more. For example, when McDonald’s “…started accepting credit cards as a form of payment, their average sale went from $4.75 to $7. That’s a 47 percent increase, and the only thing that changed was the method of payment!” (pp90-91) That may not sound like a lot to us in dollars, but 47%?! That’s almost half of what we would have spent if we used cash!
Bottom line: please make the shift to believe that paying by credit card is never a good idea. The Bible points us to the Fruit of the Spirit which tells us that self-control is a godly virtue. We must pay attention to what we are spending, so we can control our spending, in order to get, and remain, debt free. Draw the line today, no more plastic debt!
2023’s Got A Minute? Book Club
January: The First & Best Book Ever: The Bible
February: Love Is In the Air: “The 5 Love Languages: The Secret to Love That Lasts” by Gary Chapman
March: Spring Growth: “Secrets of the Vine” by Bruce Wilkinson
April: Living the Resurrected Life: “The Wonderful Spirit Filled Life” by Dr Charles Stanley
May: My Spiritual Mom: “Making Good Habits Breaking Bad Habits” by Joyce Meyer
June: Spiritual Dad: “It’s Not About Me- Rescue from the Life We Thought Would Make Us Happy” by Max Lucado
July: Financial Freedom “Complete Guide to Money” by Dave Ramsey
<>< Peace, Diane
