"Thy word is a lamp to my feet and a light to my path" (Psalms 119:105).
You may be feeling a pinch, even substantial difficulty financially with how inflation has risen in recent months. In 2021 U.S. inflation was measured at 7%, thus far in 2022 the calculation is at 8.5%. As you know, you can only do so much to lessen the effects of this. But there is likely an even greater factor affecting your budget.
The average credit card interest rate is 16.6%. Let's repeat that... the average interest rate is 16.6%. That is twice the rate of inflation.
With the average card debt at over $6,500 - this calculates to over $90 per month being paid to the credit card company in interest alone.
If now you are charging even more on your cards without paying them down each month, the effects of the interest rate at twice the rate of inflation make it even worse.
So what can we do? Let's always look to God's Word for the answer, because as was shown in our opening verse - His word is a lamp to our feet, providing direction where we previously could not see it. In Proverbs 22:7 it is written, "The rich rule over the poor, and the borrower is servant to the lender". God clearly is opposed to our being in debt, so if we are sincere in wanting to be freed from it and looking to Him first, we can count on God to:
-Give you the desires of your heart as you delight yourself in the Lord (Psalms 37:3)
-Provide you with wisdom for your finances (James 1:5)
-Rebuke the devourer for your sakes, for those who tithe to Him (Malachi 3:11)
-Cause blessings to come upon you and overtake you (Deuteronomy 28:2)
You are probably asking "But what can I do right now to make things better?" I encourage you to take the time to turn to the Blog Archive section on the right side of this page and view these past posts. I feel they will provide the necessary catalyst to moving in the right direction and give practical steps you can begin today that will help you reduce your credit card balance:
August 2015 - "Paying For Things". This post illustrates the 3 ways we can pay for things, helping to frame the cause against borrowing for them.
March 2017 - 'Wait and Move". Covering the connection of patience to making wise purchase decisions, and maintaining faith in them.
November 2019 - "Seeds from A to Z". You will find over 26 ideas to reduce spending that can be implemented immediately.
In addition, if you are really looking to take on your debts and reduce them. We have a video recording of the 3-hour Debt-Free and Prosperous Living Class, recently taught at our church by my wife Karen and I. The class teaches a plan to eliminate all your debts including your mortgage, and provides numerous encouraging verses to keep you inspired. Please inquire with Pastor Aaron if you would like to view this seminar.
Lastly, know that the Lord sees your circumstance and is mighty and willing to help you - "Fear not, for I am with you; do not look around you in terror and be dismayed, for I am your God. I will strengthen and harden you to difficulties; yes, I will help you; yes, I will hold you up and retain you with My right hand of rightness and justice." (Isaiah 41:10)
God Bless you and may He show Himself greatly to you,
Paul
