Today America watched as the stock market experienced the greatest one day loss in seven years. By the end of the day the market had fallen just over 504 points. The news of financial collapse of Lehmen Brothers and Merrill Lynch caused great fear and angst. How did these financial pillars find themselves in this type of predicament? In a word, debt.
The Bible gives us plenty of warning regarding debt, but the attitude of the world is that manageable debt is fine. There are even some financial planners that encourage debt. I found this article from Yahoo Finance (courtesy of CNNMoney.com) just a bit disturbing. The common factor among all those feeling pinched because of the downturn in the economy? No savings and too much debt.
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Widget Created Thanks to Frugal Zeitgeist and Beating Broke
