Living Debt-Free

In his 1992 bestseller The Coming Economic Earthquake, writing about mortgages, home equity loans, and easy lines of credit, the late Larry Burkett noted that "[c]learly[,] many American homeowners have transferred the wealth stored in their homes to the lenders. In this case, it leaves both in jeopardy. Given the wrong set of circumstances, the homeowners will default, leaving the banks with huge inventories of homes they can't sell." Of course, by 2007, "the wrong set of circumstances" had become "the perfect storm" for many homeowners, lenders, and the government.  America's addiction to debt had finally brought us to the "economic earthquake" Burkett had forecasted.  Make no mistake about it, as the debate over the debt ceiling illustrates, our crisis is a crisis of debt.  Individuals, families, businesses, and governments all across the U.S. have learned the hard way the lesson of Proverbs 22:7: "...the borrower is slave to the lender." My wife Michelle and I have...(Read Full Article)

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