Black Friday

It is that time of year again. The time of year when millions of people rush out to their favorite stores in search of the best deals. But, here is a thought: a good deal isn’t always a smart deal.

Here’s some stats to think of while you’re out and about today.

- In 1968, consumers’ total credit debt was $8 billion (in current dollars). Now the total exceeds $880 billion. (SOURCE: Federal Reserve Bank)

- Americans carry, on average, $5,800 in credit card debt from month to month. (SOURCE: http://www.newstepsolutions.com/debt-statistics.htm)

- On average, you will spend 112% more on a credit card purchase than when using cash. (SOURCE: http://www.newstepsolutions.com/debt-statistics.htm)

- It is estimated that, on average, 20% of Americans have “maxed out” their credit cards. (SOURCES: http://creditcounselingbiz.com/credit_counseling_statistics.htm)

- According to the Federal Reserve Bank, 40% of American families spend more than they earn. (SOURCE: www.federalreserve.gov)

But it was a really good deal right. Check out this quote, ‘In the old days, the best customer was someone who could pay off their loan. Today the best client of the banking industry is someone who will never pay off their loan.’

Why is it that we want so much stuff? Is it because we see the possessions of everyone else? Or is it because the companies do so good at advertising their product? Or is it just the fact that we are not content with what we have?

Luke 12:15 “Take heed and beware of covetousness, for one’s life does not consist in the abundance of the things he possesses.”

~ by Brad on November 23, 2007.