When FGGAM was established by God 12 years ago this month. God said never be in debt. That was also stressed to me by Vice Chairman Bill Ruhl and the Pastor Don Kimbro. We owe nothing, but to God.
WalletHub: Americans have a massive amount of household debt, including $1.1 trillion in credit card debt, $1.6 trillion in auto loans and a few hundred billion dollars in personal loans. It’s not just the total amount of debt that we should be worried about, though. The speed at which we are adding new debt is troublesome, too. For example, the total amount of household debt went up by $39 billion just in 2023.
Some cities are accumulating new debt at a much faster rate than others, though. To determine the cities with the biggest consumer debt increases, WalletHub compared 100 of the largest U.S. cities based on proprietary data on consumer debt from Q1 2024 to Q2 2024.
- Albuquerque Ranks 9th among the Cities Where Consumer Debt is Increasing the Most – WalletHub Study
- Paul’s charge to us in Romans 13:8 to owe nothing but love is a powerful reminder of God’s distaste for all forms of debt that are not being paid in a timely manner (see also Psalm 37:21). At the same time, the Bible does not explicitly command against all forms of debt. The Bible warns against debt, and extols the virtue of not going into debt, but does not forbid debt. The Bible has harsh words of condemnation for lenders who abuse those who are bound to them in debt, but it does not condemn the debtor. More Here
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As of August 1, 2024, the U.S. national debt was $35,059,402,347,142, or $104,082 per person living in the country. The national debt is the total amount of money the U.S. federal government has borrowed over the course of the country’s history. It includes debt owed to the public, as well as debt owed to federal trust funds and other government accounts.
The public debt is made up of securities issued by the U.S. Treasury, including Treasury Bills, Notes, Bonds, Treasury Inflation-Protected Securities (TIPS), Floating Rate Notes (FRNs), and Federal Financing Bank (FFB) securities. It also includes Domestic Series, Foreign Series, State and Local Government Series (SLGS), U.S. Savings Securities, and Government Account Series (GAS) securities.Some say that the U.S.’s high and rising debt threatens the country’s economic future. The coronavirus pandemic made fiscal challenges worse, but the country was already on an unsustainable path before the pandemic