NEWS

    Middle-Class Death Spiral: Consumers Have Never Been In More Debt, And Bankruptcies Are Surging

    Updated: August 13, 2019 at 1:59 pm EST  See Comments

    Originally Published on This Site

    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.

    This wasn’t supposed to happen.  During the relative economic stability of the past few years, the middle class was supposed to experience a resurgence, but instead, it has just continued to be hollowed out.  The cost of living has risen much faster than wages have, and as a result, hard-working families all over America are being stretched financially like never before.  Even though most of us are working, 59 percent of all Americans are currently living paycheck to paycheck, and almost 50 million Americans are living in poverty.  In a desperate attempt to continue their middle-class lifestyles, many Americans have been piling up mountains of debt, and it has gotten to the point where we have a major crisis on our hands.

    According to the New York Post, the total amount of debt that U.S. households have accumulated is about to cross the 14 trillion dollar mark for the first time ever…

    Meanwhile, record American household debt, near $14 trillion

    The remainder of this article is available in its entirety at HNewsWire

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