According to the 2010 US Census Bureau, the average credit card debt per American cardholder was $5,100, while the average consumer debt (car loans, student loans, mortgages and credit cards) was $7,800 per person (not per family).
We are a country that lives outside our means.
We would rather have what we want, when we want it, than wait until we can afford it.
We would rather have the latest and greatest toys, than save money for an emergency.
We desire that new car, bigger house and the latest styles.
We want to keep up with the neighbors.
We want to go on that vacation, have that night out or buy that one thing that we know will make us happy.
We are obsessed with stuff.
And we are willing to take out a loan for it.
We go into debt for a new car.
We’ll take out a mortgage for a home.
We charged a combined $51 billion worth of fast food in 2006.
We take out loans for clothes, food, and toiletries.
We charge books, music, even entertainment and will be paying it off for months.
We devour everything we have, and still consume more.
“In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.” Proverbs 21:20
When we rack up debt, when we take out loans, when we continue to swipe our credit cards and choose to “pay for it later,” we become something no one likes.
Living outside our means will eventually catch up with us.
Swiping our credit card will eventually cost us.
Taking out another loan will eventually wear on us.
Every bit of debt we have robs from our future to feed our present.
It leaves us unable to pursue certain opportunities.
It dictates the job we have to keep.
It exposes us to further debt when an emergency arises.
It stifles our freedom, keeps us from following our dreams and produces unneeded stress in our lives.
And if we die in our debt, it gets passed on to our children.
A wise man learns to live within his means, saves up for the future and leaves an inheritance for his children and his children’s children.
It’s time to think beyond our own desires and begin financing the futures of those who come after us.
How had debt hindered you from moving forward in life?