Last week Rebecca and I had to order some things for our upcoming hiking holiday. We sat at my computer together and put things in our virtual shopping cart until we were satisfied that we had everything we needed. When it came time to pay, my computer automatically offered to fill out my credit card details for me. All I had to do was approve it with my fingerprint and it was good to go. It was so quick! From the time we finished our order, to the purchase being completed, was less than 10 seconds. Rebecca commented, 'Woah! That’s dangerous.'
It has become so easy to put things on our credit cards these days hasn’t it? Even in real life, bricks and mortar stores, you can get through with your products with a simple wave of your card, phone or watch in front of an EFTPOS machine, and be on your way in under a minute! Everywhere you go credit card companies are working to make it easier and easier to buy impulsively.
Credit cards might be easy, but they aren’t free. In 2016, Australians were paying about $15 million every single day on credit card interest repayments; just the interest! This is on a total amount of $50 billion that people owe each month! That's on an average interest rate of 17% across all credit cards in Australia. Credit is expensive!
The Bible has a lot to say about credit. Solomon says: “The rich rule over the poor, and the borrower is slave to the lender.” (Proverbs 22:7) Debt traps and contains us, squashing our lives. Fortunately Solomon also advises, “The plans of the diligent lead to profit as surely as haste leads to poverty.” (Proverbs 21:5).