Most people go through life continually getting loans to obtain material things, at higher amounts, and sometimes at higher interest rates. It’s the example many have seen from their parents and other people and do not think it will entangle them because the getting seems so good. However, the downside is very real and should be exposed for the hurt, shame, and poor financial condition it brings upon those who think this route leads to a better life. It produces continual record breaking vehicle repossessions, house foreclosures, and personal and corporate bankruptcies instead of the fruitfulness and prosperity the LORD desires for our lives.
Many are overriding the lesson that debt, beyond the assets one has to immediately pay it off, is a finance killer ruining their ability to walk in joy, peace, contentment, and self-control and often stopping them from pursuing endeavors more aligned with their God-given gifting, skill, and ability and the fulfillment He wants for them as they pursue the work and service He desires for their lives. In many cases, His route may be more lucrative for them on earth but if not it would certainly be more pleasing, purpose-filled, and fulfilling.
Even though real estate is one of the few assets that very rarely depreciate in value, it will still be lost to foreclosure when life events occur that disable your ability to make large mortgage payments for several months. The debt problem is worsened by the fact that most people have three credit cards, six store cards, and two car loans in addition to a mortgage that is more than three times their annual income. In addition, the revolving balance on credit cards has increased fourfold during the past two decades, student loans are averaging $35,000, and vehicles are being traded in every 2 to 3 years for loans on more expensive cars even though incomes have not increased twofold.
They have not considered the spiritual implication of believing that continuous and ever-increasing debt is profitable such as:
• Bad personal financial habits will be used in their business or self-employment and put these endeavors in jeopardy.
• A reduction in their ability to give abundantly to worthwhile church ministry.
• The great likelihood they will put their families in a very poor financial situation that will bring great stress, pressure, and anxiety into their life, especially if their income goes south during an economic downturn.
Prosperity will rise in your life and bring about more abundant giving and care for your family and God’s Church when you stay away from more debt and budget and use self-control to eliminate current debt on all non-appreciating assets and engage a mortgage of no more than fifteen years with a low fixed interest rate for a home price where the monthly principle, interest, property tax, and insurance payment is no greater than 25% of your monthly take home pay (after tax deductions and other bills you owe) and you make a 20% down payment. The change of habit moving you from debtor to debt-free will shortly allow you to save and invest greater amounts of income over the long haul in vehicles that can build wealth to a greater degree.
Please pray for this ministry and email any questions. May the LORD bless you richly as you follow His plan!
Deuteronomy 28:12-15, 43-45, Psalms 37:21-22, Proverbs 22:6-7, Romans 13:8
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