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Understanding credit card abuse and spending addictions to purchase material goods

"Credit Card Debt …Ouch!"
by Bill & Maureen Sitter

Credit Card Debt - credit card abuse - and even an addiction to reckless credit card spending - has economically crippled many Christians. The plastic card is not demonic, so why are so many in debt bondage to so many credit card companies?

"A credit card is a means of buying something I don't need, at a price I can't afford, with friends I don't have, from people who aren't polite, so I can impress people I don't know." Sadly, this quote from Wilson J. Humber's book, Dollars and Sense, all too often describes motives for credit card overspending and outright abuse.

We do not believe that debt is sin, but the failure to repay what we owe is clearly sin. Psalm 37:21 (NAS) - "The wicked borrows and does not pay back, but the righteous is gracious and gives." Credit card debt, and other high interest consumer debt, has led far too many into bankruptcies - which are at record highs.

Credit card interest charges represent a terrible waste of God's resources. Interest expense and late penalties rob us of the opportunity to put this money to good use. Many debt consolidation loans or home equity loans (second mortgages) appear to offer short term relief but often result in larger debts and possibly the loss of a home.

Even if you faithfully pay-off the monthly card balance, and pay no interest charges - you may actually spend 25% to 35% more money each month. That's the findings of other Christian financial experts (including Larry Burkett and Ron Blue) who've studied the phenomena. In other words, paying by check or with cash, and especially by sticking to a pre-planned spending plan, you are likely to save a lot of money each month.

What's God's plan? Fortunately we can see in Jeremiah 29:11 that God has a good plan for us. And, in Romans 8:1 we are reassured that the Holy Spirit may convict us to change, but that condemnation is from the devil and not from God. Ephesians 3:20 reminds us that God can do exceedingly more than we can ask or even think. Finally, in 3 John 2 we have God's New Covenant promise that He wants us to prosper and to be in good health, and to have our minds, wills and emotions be healthy, as well.

In the book - Financial Freedom in 7 Weeks Plus, the subjects of: debt, compound interest, co-signing loans, and credit card abuse are explored in depth. Most importantly, the authors provide a Bible-based plan for true freedom from debt bondage.