I have a question for you. What percentage of adults in America would you guess have debts and unpaid bills in collection? 10 percent? 15 percent? 20 percent?
Wrong! More than 35 percent of Americans have debts and unpaid bills according to a study by the Urban Institute. Let that sink in for a moment. More than one of every three adults in our country has debt in collections. Imagine how that translates into unhealthy stress, tension in marriages, and a host of other challenges. About 67 percent of our nation’s economy is consumer spending, and with consumers so deeply in hock, no wonder the economy has been slow to recover from the Great Recession.
According to an Association of Credit and Collection Professionals Health survey, here are the top three types of debt in collection:
- Health care-related: 37.9 percent
- Student loan debt: 25.2 percent
- Credit card debt: 10.1 percent
So, what’s the solution to this title wave of debt that has engulfed our country? The answer is learning and applying what the Bible says about money. It’s that simple; however, applying these biblical truths may take a long time and a lot of effort depending on your financial situation. But the basic financial principles of how to enjoy financial health are revealed to us by our Lord because He cares so deeply for us.
And that’s what the Vision of Compass is all about: To see everyone, everywhere faithfully living by God’s financial principles in every area of their lives.
Warmly in Christ,