The $787 billion stimulus package approved by the U.S. House (with no Republicans voting for it and seven Democrats joining them in a show of bipartisanship) will likely cost American taxpayers more than $1 trillion when interest is factored into it, Rep. John Boehner said. He also said it will add about $10,000 in debt to the average family and it was "generational" theft.
How can debt be a good thing for us? Debt is what got us into this mess. What nearly brought down the financial markets? Wasn't it subprime loans people couldn't pay back? Wasn't it getting into debt when they couldn't afford it?
How should we approach debt? Look at how it is talked about in the book of Proverbs 6:1-5 (NLT):
1) My child, if you have put up security for a friend’s debt or agreed to guarantee the debt of a stranger — 2) if you have trapped yourself by your agreement and are caught by what you said — 3) follow my advice and save yourself, for you have placed yourself at your friend’s mercy. Now swallow your pride; go and beg to have your name erased. 4) Don’t put it off; do it now! Don’t rest until you do. 5) Save yourself like a gazelle escaping from a hunter, like a bird fleeing from a net.
The Bible warns against signing your name for the debt of a friend. If we do, we are told to flee from it and get out of it ... fast -- like a gazelle running away from a cheetah.
While our nation's leaders do not care if we are consumed by debt, my advice to you is do what you can to get out of debt and don't add any more new debt.
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