“It is better not to vow than to make a vow and not fulfill it.” (Ecclesiastes 5:3)
January is not one of my favorite months. I lost my mother fifty-five years ago on January 9th. I was only seven years-old. My dad passed thirty-nine years ago on January 18th.
The truth is January is not a great month for a lot of other Americans either. Ultimately, the excesses of Christmas catch up with all of us, especially those of us who “charged” our way into the hearts of others by using credit cards instead of paying cash for those gifts. It’s payback time!
According to Statista.com, the average American spent $830 on Christmas in 2015. I don’t know about you, but I finally finished above average in something, although I probably shouldn’t be very proud of it.
The problem is many of did not have the money to spend on Christmas that we spent. We just pulled out the plastic and figured we’d worry about it later. That’s mistake number one.
Credit card debt is destroying a lot of American families. It’s no wonder. Every major credit card solicits the average American seven times a year through the mail. In fact, the average household has between 4-10 credit cards and the average balance on those cards is $15,355. (www.nerdwallet.com). You shouldn’t be surprised to learn that Americans paid out $6,658 in credit card interest last year.
You might be surprised to learn, however, that credit card debt is one of the worst deals out there. Typically, you’re going to pay an average of fifteen percent interest when you pay your “minimum” monthly payment of 2% of the principal. Did you know that if your credit card balance is $8,000, and you make the minimum monthly payment at 15% interest, it will take you 30 years to pay the debt off? You will pay $12,434 in interest. But if you invested that monthly payment in a savings account at 2% interest, you’d have over $78,000 in the bank in just 30 years.
Well that’s enough math for one day. But what will likely happen across this country when the full weight of Christmas spending comes down on many Americans is that many of them, and some of them, Christians, will consider bankruptcy. That begs the questions “What does the Bible say about bankruptcy”?
It may sound a little strange, but many of today’s banking practices and banking laws are based biblical principles. Even bankruptcy itself carries a seven-year judgment before it is forgiven, which comes from the book of Deuteronomy: “At the end of every seven years you must cancel debts.” (Deuteronomy 15: 1)
Today, many of us choose bankruptcy over honor. We may not realize that’s the choice we are making. Yet, when we signed that promissory note, we made a vow to pay back that which we had borrowed. So, while the law of bankruptcy may remove man’s obligation of debt, God’s law does not. That’s why our credit record is stained for at least seven years. It’s the world’s way of acknowledging that God’s law prevails over man’s law.
If you are considering bankruptcy, there are other options that you should first examine, options that will protect other major areas of your life such as finding a job, buying or even renting a home, acquiring insurance, security clearance, and buying or leasing a car.
Unfortunately, the one option that many Americans choose is to do nothing. Ironically, that choice is made to avoid humiliation and embarrassment that comes from reaching out. The Bible offers great advice here, too: “God opposes the proud but gives grace to the humble.” (James 4:6)
Seek counseling from someone you trust. Call your local banker and you’ll be surprised at the reception you receive. So don’t wait until it’s too late. Remember what the Bible says: “Settle matters quickly with your adversary who is taking you to court. Do it while you are still with him on the way, or he may hand you over to the judge.” (Matthew 5:25)
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