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.

Another encouraging number. Debt-related stress in the United States is now 12 percent lower than it was in 2008. A lot of people are finding a better mind-set for coping with these financially unstable times and with issues relating to their personal debt. Many are spending less and enjoying life more. One expert summed it up this way: "People have kind of woken up, and they feel the things they consumed don't match who they are and their identity" (The Week, July 24, 2009).