Who Drove Us into Debt?
hello everyone thanks for listening to
wake up lookup a podcast where we
connect events happening in real time to
the Gospel of Jesus Christ I'm Zach
wrock and in today's episode we're
asking the question who drove us into
debt this is based on an article I read
recently in the Wall Street Journal
about the number of Americans who have
bought a car that is now worth less than
they owe that's called negative equity
they haven't gained money they've lost
money it's also referred to as being
underwater or upside down and it goes
like this if you buy a car for
$330,000 and you take out a $30,000 loan
but then a year later while you still
owe let's say
$29,000 the car is worth 24 you have
negative equity you could sell the car
you would still owe $4 or $5,000 on the
loan that's because cars are
depreciating assets the minute you drive
them off the lot they are losing a
little bit of their value but when we
borrow money especially because of the
interest we are borrowing it at a rate
that is higher than what the car will
hold its value and this is an experience
that many many Americans have in fact
the article suggested that onethird of
Americans who borrow money to buy a car
are now upside down or underwater on
their car their car is worth less than
they owe for it they could sell their
car but they would still owe money
that's 31 million Americans who have a
car that is actually actively losing
them money in fact the average negative
equity is around
$6500 that's a lot of money for you to
have to eventually pay for a car that
you may no longer even be driving that's
a tough Financial place to be and of
course it begs the question how did we
get here how did we get to the point
where debt has become so regular for us
and and so commonplace that we will even
buy something that in a month six months
a year will be significantly worth
significantly less than we actually owe
on it when you wake up and realize you
owe $6,500 more than your car is worth
who got us here by the way the article
was looking particularly at people who
have been in the pathway of the
hurricanes and floods that have been
happening in the South because when a
hurricane comes through and totals your
car the insurance will pay out what it's
worth not what you owe so now you've
gone through a hurricane your car is
totaled and you owe
$6500 well the answer to the question
who got us here is we did we as a
society decided that our status and our
felt need of looking and feeling like
we're important or having nice things
was more important than financial
Prudence we got ourselves here and if
we're going to get out we're going to
need someone else's wisdom to take us
there and that's why one of my favorite
things to do on this podcast is to
remind you that God has been giving us
wisdom on finances for thousands of
years in the scriptures the same Bible
that will tell us that the borrower is
slave to the lender the Bible's been
telling us for a long time to be careful
with money to be careful about borrowing
it to be careful about spending it to
manage it with wisdom God wants you to
flourish financially and he knows how to
get you there we don't that's why we're
in the state we're in and so the first
step is to stop having so much
confidence in yourself and the second
step is to start gaining confidence in
God's ability to lead you out and I know
situations are complex your story is
complex it's why I'm not on here telling
you don't do this or do that I'm just
telling you seek the wisdom of God by
the way if you're thinking well I don't
know how to take the Bible and apply it
to my personal finances and budget
that's what the local church is for it's
more than likely that the church you're
a part of has a program or Ministry
designed for people like you to teach
you the principles that the Bible has
for handling money to show you how to
make wise purchases and avoid traps like
being upside down in your car listen
settle in your heart that God knows
what's best for you you don't and that
chasing status and keeping up with the
Joneses is ruining us financially let's
stop listening to all the voices out
there other than God and to start
letting him drive us out of death hey
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