What About Debt? Session ?.

Slides:

Advertisements

Similar presentations

It’s All God’s Money Living Grace Community Church November, 2014.

Advertisements

A Nation of Debt. US National Debt 1/31/13 16,433,791,850, million people $52,000 per person $146,000 per taxpayer.

Credit Credit is a sum of money a person can use for a period of time before having to reimburse the lender.

Debt Freedom Session 1 – Change Your Mindset. Average American family has $9,000 in credit card debt Debt is stealing our freedom The rich rules over.

FINANCIAL FREEDOM “The rich ruleth over the poor and the borrower is servant to the lender.” (Proverbs 22:7) Finding FINANCIAL FREEDOM.

Grade 12 Family Studies.  Do you have a credit card?  What is it used for?  How is it like a loan?

Lesson 7-2 Getting Started with Credit Learning Objectives: - Compare the sources of credit - List and explain the benefits of credit.

YOU CAN OVERCOME! 1 John 2:12 I am writing to you, little children, Because your sins are forgiven you for His name's sake. 1 John 2:13 I am writing to.

2.4.1.G1 © Family Economics & Financial Education – December 2005 – Get Ready to Take Charge of Your Finances – Take Charge of Credit Cards Funded by a.

PROBLEMS FACING THE FAMILY. WHAT WE’VE STUDIED SO FAR  The Home In The Beginning  God’s Purposes in Marriage  Preparing for Marriage  Why Marriages.

+. + What are the 6 types of debt solutions?  Debt settlement  Debt consolidation  Debt management  Bankruptcy  Self repayment plan  Ostrich method.

Credit Basics. Open- vs Closed-Ended Credit Open-ended credit is ongoing … you borrow, you repay, you borrow again as long as you do not exceed your credit.

Living Wi$ely Session Four Session Four Living Wi$ely.

LOANS AND DEBT. OBJECTIVES Students should be able to: Explain the link between credit and loans. Explain the difference between ‘good’ and ‘bad’ debt.

Credit -The ability to borrow now and pay later, usually with interest. 1 Mrs. Reed's Work and Family Studies.

College lesson four credit presentation slides 04/09.

Part 4 Pastor Mark Schwarzbauer PhD Family Worship Center

UNIT VII – Personal Financial Literacy

Careers, Finance and Welfare Team

Credit / Borrowing Money

Teens Credit 04/09.

Teacher instructions:

Creating a Personal Budget

Seven Steps for Debt Elimination and Financial Peace

Rate of Return A percentage amount of return on an investment

Credit: A Promise to Pay

Teens 2 lesson seven understanding credit presentation slides 04/09.

Unit 4 - Good Debt, Bad Debt:

7.6.7 Simple Interest.

Those who are wise never pay interest… they earn it!

Credit CALM 20.

Money Management Chapter 16

Read to Learn Define credit and indicate three factors that affect the interest that is paid. Name different groups in our economy who use credit. Identify.

Take Charge of Credit © Family Economics & Financial Education – December 2005 – Get Ready to Take Charge of Your Finances – Take Charge of Credit Cards.

Unit 4 - Good Debt, Bad Debt:

Houston Community College Financial Literacy and Capabilities

Credit Reports and Credit Scores

Preparing for College and Careers

Credit Score Consumer Math.

Chapter 6: Consumer Credit

Good Credit /Bad Credit

Lesson seven credit presentation slides.

Sources of consumer credit

Credit; in America Consumer Math.

Personal Money Management

What do you think is the best way to become a millionaire?

Getting and Keeping Good Credit

Personal Finance JEOPARDY Credit Review.

Financial Planning: Credit Cards

Interest, Payments, and Credit

Unit 4 - Good Debt, Bad Debt:

Teens 2 lesson seven understanding credit presentation slides 04/09.

UNIT VII – Personal Financial Literacy

Credit Lesson 1 Credit Basics.

College lesson four credit presentation slides 04/09.

What is Credit? Chapter 25.

Monday, April 3, 2017 Objective: Students will be able to examine ways to avoid and eliminate credit card debt and develop strategies to become a low-risk.

Practical Stewardship

* The average American family devotes

Take Charge of Credit © Family Economics & Financial Education – December 2005 – Get Ready to Take Charge of Your Finances – Take Charge of Credit Cards.

Personal Financial Literacy: Personal Debt

Teens 2 lesson seven understanding credit presentation slides 04/09.

College lesson four credit presentation slides 04/09.

Chapter 6 Review.

$$$ Management What is the difference between credit & debit?

PARADIGM SHIFTING – II GROWING A HEALTHY CHURCH SERIES

Finances. Finances That can Grow Your Marriage 8 Financial Basics That can Grow Your Marriage.

What does the Bible say about loaning money to others? The Israelites should loan money to poor/destitute people – but they should not charge interest.

Presentation transcript:

What About Debt? Session ?

What About Debt? Some facts about debt Debt paradigms What God says about debt A plan for dealing with debt

Some Facts About Debt Average household carried $7,145 in credit card debt in 2012 Average credit card rate was 15% in 2013 0.15 x 7,145 = $1,072 = $90/month

Some Facts About Debt Average debt for senior citizens was $50,000 in 2010; up 83% since 2001 4 billion credit card offers in 2011 (13 per person per year) Personal bankruptcies are increasing Leading causes: medical bills, credit cards 19% of bankruptcies are college-age

Debt Paradigms “Buying on credit is folly!” - Sears Catalog, 1910 We haven’t always had plastic: Diner’s Club – 1950 BankAmericard – 1958/ Visa – 1976 AmEx – 1958 Discover – 1986 In 1970, just 15% of Americans carried plastic

Debt Paradigms Paradigms have changed dramatically: “Use OPM to grow rich” “A 30-year mortgage is the standard” “Build your credit” “My credit card pays money back” “You’ll always have a car payment” “You have to have a student loan”

A Paradigm Shift

A Paradigm Shift “He who spares his rod hates his son, but he who loves him disciplines him promptly.” Proverbs 13:24

A Paradigm Shift “The rich rules over the poor, and the borrower becomes the lender’s slave.” Proverbs 22:7 (NASB)

Shifting Paradigms Vital importance of paradigms Motivation helps to shift paradigms The “10 minute” phone call Explanations help to shift paradigms Naaman Does God have a debt paradigm?

What God Says About Debt Debt enslaves (Prov. 22:7) Co-signing is foolish (Prov. 17:18; 22:26-27; 6:1-5) Refusing to repay debt is wrong (Psalm 37:21) Paying off debt is a high priority (II Kings 4:1-7)

What God Says About Debt God said Israel would be cursed by having to borrow, or blessed by being able to lend (Deut. 28:1,12,15,43-44) Lending is not wrong, so borrowing must not be wrong (Psalm 37:25-26) Lending is an act of mercy on the disadvantaged – not an opportunity to take advantage (Deut. 23:19-20)

A Plan for Dealing with Debt Would you like to be free? Why are you in debt? Do you think debt is a smart policy? Are you unwilling to wait to buy stuff? Do you fail to plan for the future? Do you have no emergency fund? Are you financially careless? Have you had a series of catastrophes?

A Plan for Dealing with Debt Recognize, and address, the problem(s) Get on the same page with your spouse Stop borrowing money! Save for emergencies Sell some stuff Increase income “Debt snowball” Don’t give up hope! Pray