Dave Ramsey Explains How to Avoid Bankruptcy - Video 3/2/09

Freedom's Lighthouse ^ | March 3, 2009 | BrianinMO

[Federalist Patriot]

Here is video of personal finance expert Dave Ramsey explaining to a caller last night how to avoid going into bankruptcy. Ramsey's program airs on the Fox Business Channel. . . . . (Watch Video)

[dubie]

.

[silverleaf]

a woman with husband in rehab
3 kids
income of $1400 a month to survive
times are tough for some people

[Federalist Patriot]

Exactly, silverleaf. That’s why i thought it was worth posting. Count your blessings.

[joesbucks]

She still may be forced. It may take a bit longer with is advice, but the vultures are circling. What we don’t know is how long she’s been in the mess and what has been done specifically to date.

[Joann37]

I’m having some financial problems, and you wouldn’t believe the Christians that have told me to just go ahead an declare bankruptcy. And people on Christian TV programs seem to frequently advise people to declare bankruptcy as well.

So much for “godly” advice!

I’m glad someone finally brought up Psalm 37:21 “The wicked borrow and do not repay...”.

Maybe there are some extenuating circumstances whereby people truly cannot ever pay back the money owed, but they’re probably in the minority.

Even though I’m currently enrolled in Ramsey’s “Financial Peace University” and know he’s against bankruptcy (he tells us to delay credit card payments and pay the essentials first), he’s never really come out and cited that Scripture, to my knowledge. So I’m glad the woman calling in to his show brought it up, as did Charles Stanley, in his program this past weekend.

[dubie]

“The rich rule over the poor, and the borrower is slave to the lender.” (Proverbs 22:7)

[DouglasKC]

I’m having some financial problems, and you wouldn’t believe the Christians that have told me to just go ahead an declare bankruptcy. And people on Christian TV programs seem to frequently advise people to declare bankruptcy as well.
So much for “godly” advice!
I’m glad someone finally brought up Psalm 37:21 “The wicked borrow and do not repay...”.

I really have mixed feelings about this. God didn't want a nation of debtors. He knew it wasn't good. When he established the nation of Israel he set it up so that every 7 years your debt would be wiped out. He set it up that every 50 years all land would be returned to it's rightful owner.

The founding fathers also knew that being slaves to debt was wrong. So they purposely included bankruptcy protection in the constitution.

The biblical measures and the constitutional measures are meant to remedy exactly what the credit card companies do: predatory lending. God doesn't have much good to say about it usury, or excessive interest.

He who does not put out his money at usury, Nor does he take a bribe against the innocent. He who does these things shall never be moved. (Psalm 15:5)

One who increases his possessions by usury and extortion Gathers it for him who will pity the poor. (Proverbs 28:8)

There are other biblical examples that show that usury is not Christian behavior.

So to say that bankruptcy is wrong for Christians isn't exactly end of the matter. Credit card companies have gotten back many fold how much they've lent you. Excessive interest rates, undue penalties and other practices designed to keep you in debt are exactly what God and our constitution didn't want.

[Vaduz]

Anyone have stats on who files for bankruptcy more democrats or Republicans?

[joesbucks]

So to say that bankruptcy is wrong for Christians isn't exactly end of the matter. Credit card companies have gotten back many fold how much they've lent you. Excessive interest rates, undue penalties and other practices designed to keep you in debt are exactly what God and our constitution didn't want.

Except that people should know the rules when the sign on to accept a credit card. And their terms are pretty harsh.

[Hoosier Catholic Momma]

Dave Ramsey ping!

[CSM]

Thanks to Hoosier for the ping.

Dave Ramsey Fan Ping List.

If you would like to be added to the “Live like no one else, so that you can LIVE like no one else” list, feel free to Freepmail me.

[CottonBall]

Credit card companies have gotten back many fold how much they've lent you. Excessive interest rates, undue penalties and other practices designed to keep you in debt are exactly what God and our constitution didn't want.

So then it's fine to borrow and borrow and then not pay back because the evil companies deserve it?

Nobody is forced to use credit cards and the rates are clearly posted in the literature that comes with the card. I don't think the credit card companies' policies are designed to keep anyone in debt - that's up to the individual. I've used cards for years and have never paid one penny in interest or a penalty. (The card is a nice way to be able to buy online or wherever and not have to write checks or carry cash.) If people end up in debt over their heads, then it's their responsiblity and their own fault.

[DouglasKC]

Nobody is forced to use credit cards and the rates are clearly posted in the literature that comes with the card. I don't think the credit card companies' policies are designed to keep anyone in debt - that's up to the individual. I've used cards for years and have never paid one penny in interest or a penalty. (The card is a nice way to be able to buy online or wherever and not have to write checks or carry cash.) If people end up in debt over their heads, then it's their responsibility and their own fault.

I'm arguing strictly from a Christian perspective on bankruptcy. I was responding to the supposition that bankruptcy is un-Christian.

I don't think it is. Clearly God knew that people would get into debt situations that they couldn't get out of. Job losses, accidents, etc. can all lead to situations where you're simply unable to pay debt. That's what bankruptcy is for.

I'm not saying that credit card companies are evil. I'm saying that to declare that bankruptcy isn't Christian while credit card companies and others clearly don't have any Christian standards about lending is kind of silly.