Millions of Americans have been in forbearance programs, these programs are now being extended as one million Americans a week are filing for unemployment benefits.
To add insult to injury, Americans are also drowning in record debt. They have been for a few years now, the debt just continues to climb setting new records. In fact, so has the debt in our nation, including our corporations. We have a perfect storm brewing here.
So when we read about Americans not having to pay their monthly credit card, house, or car payment as it’s in forbearance, that does not mean the debt goes away. The debt payment is simply put off for a while. After I read this article, it was not clear if interest charges are being racked up or not.
If interest continues to being added to the debt, the banks will make out even more and Americans will be left in further debt.
Stay Out Of Debt
Folks, I certainly hope none of you are in credit card debt. That sort of debt is just about a sin. All it does is place you in bondage to the bankers. If you use a credit card, the bill should be paid off in full each and every month so you do not accrue interest.
If you do not have the cash, then you really do not need that item. The same could be said for cars. There is nothing wrong with driving around in a car that looks ugly and does not have all the bells and whistles. If it gets you from point A to B, that is a win. Save your cash up and then purchase what you want. You can do it, but it takes discipline and some time.
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God Said Do Not Borrow
Remember, God does not want us borrowing money.
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.
Deuteronomy 15:6
Hey, we can lend money, but we are not to borrow money.
Why do you think that is?
God explains.
The rich ruleth over the poor, and the borrower is servant to the lender.
Proverbs 22:7
God’s children should never be in bondage to anyone. Christianity not only provides salvation, but it makes us free if we follow the advice contained within the Book.