4th Sunday after Pentecost
How Big Is Your Debt
Text: Luke 7:36-50
Let’s say that you are the average American. As the average American, you have debt. Most people agree there are “good” kinds of debt and “bad” kinds of debt. Good debt would be your home or land mortgages, school loans, and possibly vehicle debt. “Bad” debt would be other kinds of loans and especially credit card.
Now, since you are the average American, let’s say you have $10,000 in credit card debt (which is about the American average these days). Some of you may gasp in horror at $10,000, others of you might say, “I wish!” But you are hypothetically an average person right now, so you have $10,000 of debt.
Most wouldn’t fret too much about that debt. Sure it’s debt and all, but it’s not too bad. It’s about 50 days of work, maybe a fourth of a year’s wages. Not too bad. You make some payments. Yeah, there’s interest, but you chip away. You know you’ll probably pay it off eventually (assuming you don’t spend more). As long as you make regular payments, the only penalties you suffer are a little lower credit score and lots of wasted dollars in interest. Read the rest of this entry