Surging debt is a risk to our future « Beating Debt News Archives

Surging debt is a risk to our future September 16, 2008

Posted by BDO in Misc.
Tags: lehman brothers bank america merrill lynch beat debt co
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Today, the U.S. Dow Industrial average fell over 500 points. This was the largest single day drop since September 11, 2001. As everyone knows, the market tumbled because Lehman Brothers filed for bankruptcy and Bank of America bought Merrill Lynch.

In this Yahoo article, we learn of the tremendous amounts of debt that the national government is taking on and how it could continue to hurt the economy.

As economists argue that point, let us also recognize that the tremendous amounts of debt that consumers are taking on is hurting the economy as well. As this economy continues to grow slower and totters on a recession, we must realize that taking on more debt during this time is the worst thing we can do. When such tremendous losses are realized in the markets, it affects everyone. There is no better time than NOW to commit to beating debt. Debt makes us slaves to another person/company. They dictate the terms of the relationship, and you can be certain that their terms will not be advantageous for you.

With the horrible news of the losses in the markets, there is good news. We can be encouraged. The Lord is in control and does not want you in debt. Use the tools that are available today to get rid of as much debt as possible. If this economy does go sour, you will have a better level of protection for your family finances by having less debt.