State of Mankind

A New Way Of Thinking

The Personal Debt Bomb

Yesterday we looked at the staggering amount of the National Debt and the inevitable meltdown it will create.  There is one more dimension to the ‘debt bomb’ that needs to be understood.  This comes in the form of personal debt.  We will remember that with the admitted National Debt of $15.4 Trillion, we have a per capita debt of $49,204 (as of 28 Feb, according to usdebtclock.org).  However, Personal Debt in the United States is currently at $15.9 Trillion.  This comes in the form of $13.4 Trillion in mortgage debt and $2.5 Trillion in consumer debt, of which $793 Billion is credit card debt.  Personal Debt per capita is $50,820.  See the following article:

http://www.myfoxdc.com/dpps/news/credit-card-debt-nears-toxic-levels-dpgonc-km-20120226_18232559

In offering my opinions, I often tend to quote what I accept as scripture.  I think the Lord’s advice is better than mine on this matter.  D&C 19:35 states:

Pay the debt thou hast contracted…Release thyself from bondage.”

So the Lord equates debt with bondage.  If we are to be a free people, I think it is important to follow his advice.  Our pride could be our downfall.  Do we really need the size of house (and corresponding mortgage) we tend to buy?  Could we pay off our vehicles and use them for a number of years debt free?  If we did this would there be any need at all for a credit card?  Can our Nation control its finances if the people are unwilling to control their own?

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  1. KERRY

     /  March 5, 2012

    Quis custodiet ipsos custodes?

    Reply

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