Mathematics has placed this Thanksgiving as late in November as possible. While this is good for those who dread the onslaught of the holiday season, it is disastrous for retailers who depend upon every Saturday between Thanksgiving and Christmas to make or break sales for the year. Black Friday may put retailers in the black, but it will plunge many holiday gift-givers into the red. Like it’s namesake, 90 years ago last month, Black Friday spells financial ruin for many American consumers.
Our desire to take advantage of once-in-a-lifetime deals, exhibit remarkable generosity, or just give into the pressure to out gift one another drives us to budget busting binges. We spend more than we have, because Visa, MasterCard, and Amex have promised to give us 5% cash back on short term loans with an interest rate of 26%. In a matter of days, we accumulate debt we will spend years struggling to erase.
The modern-day credit card — which entered the scene in the late 1950s — means far greater buying power but also financial disaster for many individuals and families. Consider the following statistics.
- More than 189 million Americans have credit cards.
- The average credit card holder has at least four cards.
- On average, each household with a credit card carries $8,398 in credit card debt.
- Total U.S. consumer debt is at $13.86 trillion. That includes mortgages, auto loans, credit cards and student loans
Each statement comes with a helpful “minimum payment.” While the current balance seems insurmountable, the minimum payment seems manageable. But here is the bad news. If you only pay the minimum, you are daily increasing a debt through interest and fees and you will never pay off. If you are drowning in debt there is help available. Your lenders may work with you. Dave Ramsey will educate you. And by implementing your own austerity measures, with great discipline, you can slowly swim against the tide of consumer debt.
But there is a debt more dreadful than consumer debt. The Bible tells us that we have all sinned against a God who is our creator and our judge. His holiness does not allow him to simply write off the debt without someone making sufficient payment. And even the minimum payment is beyond our reach. God’s justice demands perfect obedience and death as the penalty for past failure. Our imperfect and self-centered attempts to pay this debt through religious observance, good works, and expressions of remorse only increase the current balance. The debt grows every day. And it must and will be paid — every last penny. Dave Ramsey has some good advice, but a degree from Financial Peace University will not equip you to pay this debt.
The Heidelberg Catechism, a time-tested set of questions and answers designed to teach the basics of the Christian faith, expresses our conundrum well.
Question 12. Since then, by the righteous judgment of God, we deserve temporal and eternal punishment, what is required that we may escape this punishment and be again received into favor?
Answer: God wills that His justice be satisfied, therefore we must make full satisfaction to the same, either by ourselves or by another.
Question 13. Can we ourselves make this satisfaction?
Answer: By no means: on the contrary, we daily increase our guilt.
Our situation is dire, but there is good news. God himself has offered a remarkable payment plan — a plan that goes far beyond clearing our debt. Join us this Sunday, November 10 as we consider how to become debt-free forever in the economy of God’s justice. We meet from 5:00 – 6:30 pm in The Commons at St. Andrews Anglican Church at 8300 Kanis Rd in Little Rock. Click here for directions. Come with a friend and join us for fellowship and worship. We look forward to seeing you there.