The Credit Card Story
Our last post discussed Biblical parables and their relationship to debt issues. Check out our previous debt solution articles for more information.
Imagine that you walk into your local bank to apply for a credit card rather than completing an application in the mail or on the internet. For illustration sake, this particular small local branch has $1,000,000 of deposits (actual cash) and you are approved for a $9,000 line of credit.
Because of GAAP accounting (Generally Acceptable Accounting Practices) the minute you are approved for your $9,000 credit card line, the bank will claim this as an asset (this is monetizing your signature - creating new money based on your signature) thus claiming to now have $1,009,000 of assets on the books.
Suppose you max out this $9,000 credit card and, for whatever reason, don't/can't pay the balance on the account. Where does that leave the bank? Well, first of all, the bank is allowed to write-off the $9,000 as a bad loan after 180 days and receives their tax deduction/credit. Secondly, after writing it off, they are now back to their original $1,000,000 of deposits they had before you were approved for the account. Thirdly, they did not lose one penny during this entire ordeal. Result: (1) the bank received money from you while you paid the interest on the "debt" thus receiving interest on money they just created; (2) the bank also received a tax deduction when they wrote off the $9,000; (3) the bank did not lose any money because they never had any of their own money at risk.
To reiterate (because if you tell the truth enough times, people will start to understand it), contract law says that in order to enter into a legitimate loan transaction BOTH PARTIES INVOLVED must be at risk....the loaning institution must be at risk (they may not get back their own money) and the borrower or consumer must have a risk (we may pay back more money because of interest).
However, this is not what the credit card companies are doing. They are simply creating new money and adding it into the money supply & economy.
This is the reason our CCRE process has worked so powerfully well for hundreds of Texas families. It is also the reason that you should consider allowing us to serve you and your family - because this is a LEGAL, ETHICAL, and BIBLICAL solution to get you back on the straight and narrow path AND because of the state's consumer protection laws in Texas, we can now help even more powerfully!
Every Christian's Goal
The Christian's goal & desire in our opinion should be to owe nothing to anyone except to love one another (Romans 13:8) and not be a slave to money (Matthew 6:24), but a bondservant of Christ (Colossians 4:12, Romans 1:1).
Credit card debt (and any debt) takes away our freedom and makes us a slave/servant to that which is unbiblical and ungodly. We should do whatever we can - legally - to get out of these situations (repent?) and do a 180 degree turn to remove ourselves from this worldly bondage.
We’re glad you read through this information. The next step is to contact us to complete the Confidential Profile so we can explain exactly how the CCRE program can & will reduce your debt by at least half – guaranteed!
Our next post will discuss several scripture passages that highlight debt-related issues.