The Substance of Faith

The Substance of Faith

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Two Thoughts on Debt

Thoughts on debt might seem odd for a former pastor.  If you know me well, you are aware of my interest in budgeting, finance, and the appropriate place of money in our lives.  

I’m not a Dave Ramsey disciple, but I do see the dangers of debt.  In the past year, I’ve read two important insights on the subject.  

In an article on, I read:  Debt makes you feel richer, while actually making you poorer.  Think about it.  You finance a new car and you feel richer because you are in a new car.  Calculate how much financing adds to cost of the car and you realize you are poorer.  Multiply that factor times everything you purchase with debt. Finance charges make everything more expensive.  

I don’t remember where I encountered the second thought.  I wish I could give the author credit:  Debt allows you to buy yesterday’s standard of living  with tomorrow’s income.  Again, this is worth thinking about. If you finance a car for 72 months  (not uncommon), six years from now you will finish paying for today’s standard of living.  



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