There is so much media coverage on the trillions of dollars of debt that America is in. Although it is important to cover this massive amount of spending, what about your spending? What about your debt? Are you someone who thinks that you are doing the right thing by paying off your credit cards by just paying the monthly minimum?
Below is an example of what paying the “minimum” really amounts to.
THE REAL COST OF CREDIT CARDS
Beginning Credit Card Balance $3,000
Initial Minimum Monthly Payment $60
Period of Time Before Bill Is Paid Off 35 Years
Total Amount Paid in the End $ 24, 117
Can you believe it? By just paying the minimum of $60 per month to pay off $3,000 you are actually going to pay over $24,000 and it will take you 35 years! Why so much and why so long? One word – INTEREST!
You need to pay attention to your finances, especially in the fast changing world we live in. One minute you have a job and the next minute you don’t. You need to be prepared not just for retirement anymore; you need to be prepared for everything from medical expenses, car repairs, mortgage, college and more.
What does the Bible have to say about our money and finances?
Actually, the Bible has a whole lot of scriptures about our money and our finances. There are over 800 scriptures about money! In fact, of Jesus' 39 parables, over half of them use money or work as a teaching tool.
So the handling of money must be important!
How you handle your money will determine your future. So please if you are in debt and don’t know what to do,seek counsel. Seek out good Christian leaders that can help you find your way out of the dark abyss of debt.