Article September 28, 2009 ISSUE

A DEBT CRISIS IS NEVER PERMANENT

Prayer resolves and dissolves financial challenges.

BY CHANNING WALKER

CONSUMER DEBT is now at an all-time high in the United States—two and a half trillion dollars, or $8,000 per person (USA Today, August 16, 2009). Those are some sobering numbers.

Now, for some encouraging numbers. Consumers don't have on average 12 to 15 credit cards per person, as is sometimes reported. It's more like five. About a quarter of Americans don't have any credit cards at all. And of those who do, 42 percent carry no credit card debt, but pay off their balances every month.