Thursday, April 17, 2008

A World Dominated by Debt

Howard Dayton, a co-founder of Crown Financial Ministries and the current host of the radio program, "Money Matters," has an excellent essay here dealing with the "world dominated by debt." Most important, his conclusion gives specific exit strategies for families and individuals who have been overwhelmed by debt, by a history of false expectations, and that seductive lure of "easy monthly payments."

...Most families with financial problems don't even identify the real trouble. They recognize only the symptoms of the problems, like unpaid bills, or the consequences of the symptoms, such as repossession of property. They seldom identify the real underlying cause of the problem.

Most of the symptoms of financial problems faced by families today -- business failures, foreclosures, bankruptcies, out-of-control debt, two-job families and divorce -- can be traced to the core problem of ignoring God's financial principles as recorded in His Word...