The Good News British Suplement Jan 2000

'People in Britain are only a couple of pay cheques away from bankruptcy. And worse still, few of us care', so writes Niki Chesworth in the Family Finance section of The Sunday Telegraph.

How do people get into debt? Why are they apparently so unconcerned? Could something on the horizon throw more people into debt? Is there any way to get out of debt?

Spend, spend, spend is the message of most advertising today. And society makes it easy. Walk down any high street and many stores will offer a store card, allowing Ł500 plus of instant credit. Some people find themselves with ten or more such cards. That's Ł5,000 worth of credit. Great if you can pay it back when the statement comes. But what happens if you lose your job or have an accident that keeps you off work?

Even a simple miscalculation, or a large impulse purchase, and a normally thrifty person could find himself unable to pay off the monthly balance, and soon be charged high rates of interest (as much as 20% over that charged by credit card companies) on the rest.

Offers of 'cheap' loans, often un-secured, drop almost daily onto the doormats in some homes. Interest-free credit on goods encourages people to buy now, pay later. Fears of possible high inflation or high interest rates up ahead somewhere mean people feel the need to spend now to take advantage of the comparatively lower costs and worry about the bills later. Even the image of 'rip-off Britain', where, for example, compact discs cost several pounds more than they would in America, doesn't seem to diminish the spending.

Given these fears and the lure of comparatively cheap goods it's little wonder people are reluctant to save. Most people's savings amount to little more than Ł750 a person - around two months' pay for those on the minimum wage. One person in 10 has no assets at all. Sooner or later debt catches up with people. And those currently in debt or bordering on being in debt will be ill prepared should the bubble burst and another recession occur.

Probably the largest single purchase in anyone's life is a house. While borrowing money for such a large investment is generally considered to be a very good idea, changes in housing values could mean the borrower ends up owing more than the house is actually worth - 'negative equity'. In the end the house, as well as any money already paid, may be lost.

Alternatively rises in interest rates could dramatically increase the repayments on a larger loan beyond what the borrower can afford. The implications of any borrowing should be very carefully considered before any agreement is made.

Does the Bible have anything to say about debt? About money and wealth in general? Does God only side with the poor?

Some of the greatest biblical characters were very rich - Abraham for example (Genesis 13:2). For many people, however, great financial blessings could become a snare. Human nature tends to put its trust in material possessions rather than God - to the extent that people can become greedy, and covet what is not theirs. We are told in the New Testament that 'the love of money is a root of all kinds of evil' (1Timothy 6:9-10).

To the Creator, money is a neutral commodity. It is our attitude towards wealth, and how we handle it, that concerns God. Properly using what wealth we have helps us to learn self-discipline, patience, and the ability to weigh situations and to plan ahead. Good stewardship is something required of us all, whatever our financial situation. Beyond what God requires of us, money should be used for taking care of one's family and saving to provide security and an inheritance for one's children (Proverbs 13:22).

Money can also be a test of a person's priorities. If materialism is all that we love, then that is where our hearts will be - meaning our thoughts, our aims, and our purpose. However if our desire is to be like our Creator, we will be willing to use our wealth as God intended - and to share it where we are able (1 John 3:17-18).

Money used properly can be a great blessing for the individual, the family, and ultimately the nation. For further information on what the Bible teaches about the right use of money, please request our free booklet Managing Your Finances.

How to avoid debt

Proverbs 22:7 states that the 'borrower is servant to the lender'. Clearly going into debt is a very serious matter. In effect it puts someone else in control of the borrower's life and possessions.
Make a budget. Remember to include all your outgoing expenses, including food, fuel, travel and annual payments like insurance (divide the amount you pay by 12 to get a monthly figure).
If your budget allows, try to include a savings plan, even if very small.
If you have a mortgage, you may wish to take out a mortgage protection policy. (Consult your mortgage lender.)
Don't get into the habit of using store cards. Only use a credit card if you can pay off the monthly balance. If you can't trust yourself, don't use them!
Make a list before you go shopping and stick to it. Buy only what you need and don't purchase on impulse.
Do it yourself! Not necessarily major alterations to your house, but cook for yourself instead of eating out or buying expensive ready-made meals. Maybe play board games one evening with the family instead of making a trip to the pub. Perhaps hire a video, or watch a TV movie together, rather than taking everyone to the cinema.
If you are in danger of going overdrawn at the bank, see if you can get an authorised overdraft. Banks usually charge less for this than if you overdraw without authorisation. But try to avoid using even an authorised overdraft.
If you find you cannot pay creditors, contact them straight away and try to agree a sum that you can pay immediately and arrange a payment plan for the balance.
If you are in danger of going into debt, don't ignore the problem. Seek advice.

What to do if you get into debt

Firstly, don't be panicked into taking out further loans to cover your debts.

Do contact those to whom you owe money and explain the situation. Most creditors will try to help you organise a payment plan. They do not want to lose all the money you owe them.

If you have a mortgage, give it priority. Your lender may allow you to pay a reduced amount until your circumstances improve.

Try to avoid being declared bankrupt, as this will have long-lasting implications.

Above all get professional advice. If you have a lot of creditors, then it may be best to contact your local Citizens Advice Bureau. They will give free advice. So too will National Debtline: 0808 808 4000 and the Consumer Credit Counselling Service: 0800

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