When it comes to finances, the biggest nemesis for many people is their credit card.
Credit cards can be an asset if used correctly and with discipline, but for many they are what lead to financial downfall. Let’s look at some credit cards statistics from a few years ago that will give a better picture and may also be a wake-up call:
- The average family carries a balance of $4,000 in credit card debt on several cards from month to month.
- If you didn’t have your credit card payment of $400 a month, and you invested that money in a tax-deferred savings plan paying 11% interest instead, then in 30 years you could retire with $1.1 million in the bank. Credit card payments cost thousands of dollars in interest, keep many Americans from saving for their retirement and make bankruptcy look like a good alternative.
- According to one statistic from a few years ago, late feels totaled $7.7 billion.
- Another statistic from a few years ago stated that in one year alone, Americans paid out approximately $65 billion in interest.
The bottom line is that it’s God’s will for you to be a lender and not a borrower (Deuteronomy 15:6 NLT). He will bless us, but we need to do our part and develop wise money management skills.
Take Away:
Pray and ask God for wisdom regarding your finances. Also, take natural steps to get some godly financial counsel. A great tool is a book we offer called Family Finances. This book not only contains godly insights on money management, but also includes worksheets to help you to assess and manage your money habits. Let’s start developing healthy money habits today!
