Debt
July 17, 2020
I’m Miriam Neff-with STARTING OVER FINANCIALLY,-and I’m Valerie Neff Hogan, and we’re here to talk about money
M Talking about debt is never popular. Like a dental visit for a root canal, we avoid it as long as possible. Let’s acknowledge debt, owning reality so we can move forward.
V Mortgages make up 68% of America’s debt. Student loans account for 11%, while auto loans were 9% in 2019. The two smallest debts Americans took on were credit cards at 6% and home equity lines at 3%.
Scripture does not say never borrow, but discourages it. Don’t gouging, and pay it back. Often the most vulnerable and unable to pay back, are charged higher rates.
M The first step is to revisit our spending plan. Reduce, reduce, until we can claim this Scripture. Owe no one anything but love.