Ron Blue says dependence on credit card debt point to deeper issues that a believer needs to address:
Financial choices and predicaments are always symptomatic of other issues. Some of the more common issues that lead to credit card debt include a lack of contentment, a lack of self-discipline, the search for security, and the search for significance.
John Stackhouse distinguishes between credit and credit cards:
Credit card borrowing is among the very worst ways to borrow any significant amount of money. We all know why. It's too easy—just hand over the card. It's too accessible—almost anyone can obtain a card, and most of us can get quite a few. It's too extortionate—interest rates are shockingly high relative to almost any other kind of loan. That's why they print them in the tiniest possible fonts. So I have a mortgage. I have had educational loans, and my sons have them now. I have made use of car payment plans. And I have a line of credit. But I never, ever incur credit card debt. I pay off my cards every month, so the companies make not a dime off me in interest. While debt isn't necessarily immoral, credit card borrowing is dangerous—for everyone.
Mary Hunt says we should answer one question before making use of credit cards:
Am I able to pay the entire balance in full in a single month? If the answer is no, you need to put that card far, far away until the day you've reached a level of financial stability.
- Posted using BlogPress from my iPad
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