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| 21st Century Consumers(cont.) Since 1980, the personal savings rate has declined from 8% to 1%, and is really negative when the cost of consumer credit is factored in. During the same period, personal debt has risen from 2% to 7%. Credit card debt has quadrupled from 1990 to 2003. The sub-prime group of credit users increased 45% in one year. The number of consumer bankruptcies rate, which in 1980 was 300 thousand, rose in 2002 to 1.57 million. The rate was 1 in 300 and is now 1 in 57, and would have reached 1 in 7 in this decade had Congress not changed the rules this year making it more difficult to qualify. A recent study by a major daily newspaper in the south revealed that when the cost of the credit was added to the total spent those surveyed had spent an average of 118% of their total annual income during the year. Having completed almost 2000 hours of private session budget counseling, Biblical Principles, Inc has determined that ……church members are just as likely to be in financial bondage as any other consumer,…..that at least 50% of church members are in financial bondage to some degree using the Signs of Financial Bondage taught by Biblical Principles, ……. that church members not well informed on biblical principles applying to finances and God’s plan for His economy,…..that church members when taught biblical principles will respond in obedience to God’s Word resulting in financial freedom in their lives. The average college student graduates with $17,500 in student loans, $3500 in credit card debt and a car loan. |
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Developed and managed by Missionary TECH Team, Longview, TX, USA |