Reasons Why People Go Into Debt
In his book
|Taming the Money Monster|
well-known Christian financial counselor Ron Blue introduces his readers to common reasons why people go into debt:
Lack of Discipline
Lack of Contentment
Search for Security
Search for Significance
Too Much Debt Comes From A Lack of Discipline
If I were to rate these I would put the lack of discipline as number one. In our convenience oriented world people often do not really interact with cash. The pay check is automatically deposited. Their bills automatically withdrawn. They pay for groceries, gas, and goods with a credit card. So they never really interact with cash. Why pay attention to it? Why spend time with it? As long as there is money in the account (and even when there is not) I can still charge that item, so why spend time trying to figure everything out?
Control Your Debt by Dealing with your Lack of Contentment
Lack of contentment. Not really sure about this one. We are a people who seem to ‘need’ a lot. I do not know if we are not content, or greedy, or just have a high level of need. Probably we have a bit of all of these things.
Search for Security as a Debt Factor
Search for security. Be honest. We all feel a little better when there is a cash cushion in the account. The question is always when does saving become hoarding, and when does security become a false security with misappropriated hope? I suspect there are a lot of us who feel less secure after the 2008 experience than we did prior, and yet our God is the same yesterday, today, and tomorrow. Interesting to consider.
Search for Significance May Result in Unpaid Bills
There is a lot to this. Power and significance go hand in hand. Seems as though the Bible does not have a lot of positive things to say about humanity’s quest for power.
Perhaps I could add a fifth to the list – ignorance. Many people are in debt simply because they thought debt was the right or best way to succeed. They have not had much teaching at home. They did not get any teaching in school. One cannot know unless he has first been taught (unless he can teach himself, but that would require self-discipline which we have already recognized is in short supply in the financial realm).
By the way, to see more of Ron Blue’s material you can check out his website here.