The rich rule over the poor, and the borrower is servant to the lender. Proverb 22:7
People accross the country are under tremendous stress because of debt. It is a situation that developed over time. People do not intend to get overwhelmed by debt, but as life happens, so does getting deeper in debt. The reason is because debt in America has become a way of life.
Our country itself relies on debt to fund the government, which is why we have a National Debt of 18 trillion dollars. Do you relaize how big a number just 1 trillion is? If you started to count it out - 1, 2, 3...., it would take you 31, 685 years! Our children, the future generations (that's plural) will be burdened with paying that debt back. Do you know how they are going to pay it back?
It will be in the form of higher taxes, reduced benefits like Social Security and probably not having the way of life former generations enjoyed.
People in America today are in the same perdicament as the government. Everyone has a 30 year mortgage and a 7 year car payment. Our credit cards pay for everything from our clothing, our furniture and even the food we eat. As long as we can afford the "monthly payment"we think we are living within our means, but therein lies the fallacy. Would we pay $40,000 for a car if we had to pay for it in cash vs. the $500 per month payment we can make? Debt can instantly pay for anything we want at the moment we want it.
This is why most families never get out of debt. They just keep trading up and really they are just as broke, but on a differentl level. Is that insane?
Debt, meaning obtaining money from lenders, sells us into slavery to those lenders. Instead of our homes being the safe havens they were when were all growing up, they have become pressure cookers of stress because of all the debts we owe to live in them.
So, as the post started: The rich rule over the poor, and the borrower is the servant to the lender. How could that have been written so long ago and yet be so true today?
We didn't get into debt overnight and we will not get out of debt overnight. But there is a light at the end of this tunnel if you know where to look.
Let us show you the way out.