Debt Restructuring Will Solve Your Financial Problems
Several years ago, I counselled an individual who had accumulated significant debt on his credit cards. To lower his interest costs and to be able to make appropriate repayments, it made sense to restructure his debt.
If I Had More Money, I Would Be Happy
Many people believe the deception that money will bring happiness. Although additional income can relieve some financial pressures (if the individual or couple manage their money well), money in and of itself does not bring happiness. Money will definitely not provide joy and peace, which only comes from God.
It Makes Sense to Buy Now and Pay Later
Today almost anything can be purchased with little or no down payment—automobiles, furniture, boats, snowmobiles, etc. Advertisements enticing you with “no payments and no interest” for one to two years are very common.
Smart People Use Other People's Money
Many people believe it is good financial thinking to use borrowed money to make a lot of money. In other words, “smart people use other people’s money,” not their own. This is a lie from the world and Satan. The only way that is true is if you can predict the future—that is, know with certainty the direction of markets and the economy.
Bankruptcy Will Solve My Financial Problems
When people get into financial difficulty, many believe that declaring bankruptcy will solve their financial problems. Unfortunately, bankruptcy just treats the symptom.
Living Paycheck to Paycheck is Okay
For example, statistics reveal that 80 percent to 90 percent of the people in North America live “paycheck to paycheck”—that is, they spend all their regular income and have no savings. Many people believe this is okay.
Financial Freedom is Attained by Having Lots of Money
Many people believe that financial freedom will be obtained only when they have lots of money and material things. This is a deception from the world. God warns us: “Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income. This too is meaningless” (Ecclesiastes 5:10).