WEB Notes: America, what are you thinking? Is that new gadget that important to you that you feel the need to go into debt for it? To pay more for it than it is actually worth through interest? Usury makes you a slave and most of the things we buy end up in the trash or donation pile in a year from now. All for what? To go into debt so you can work longer for things that truly do not matter. Forget what I said, what I said is not important. What your Father says is important. So what does God have to say about going into debt? Let us find out…
6 “For the LORD thy God blesseth thee, as he promised thee: and thou shalt lend unto many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over thee.”
7 “The rich ruleth over the poor, and the borrower is servant to the lender.”
8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
American consumers just hit a scary milestone.
They now collectively have the most outstanding revolving debt — often summarized as credit card debt — in U.S. history, according to a report Monday released by the Federal Reserve. Americans had $1.021 trillion in outstanding revolving credit in June 2017. This beats the previous record in April 2008, when consumers had a collective $1.02 trillion in outstanding credit revolving credit.
“This record should serve as a wake-up call to Americans to focus on their credit card debt,” said Matt Schulz, a senior industry analyst at CreditCards.com, a credit card website. “Even if you feel your debt is manageable right now, know that you could be one unexpected emergency away from real trouble.”
Revolving credit had been growing at an annual growth rate of 4.9%. One reason: More consumers are getting access to credit cards backed by major banks and issuers in recent months. More than 171 million consumers had access to those cards in the first quarter of 2017, the highest number that has had access since 2005, when about $162.5 million people had access.