How Can We Make Sense Of The Debt Ceiling In Washington

07.29.11 | Bob Price, Sarah Harnisch

   Compass Finance's God's Way financial expert Howard Dayton says he doesn't have a lot of confidence that Washington will solve the financial problems in our country. He says for every dollar of tax revenue the country gets, we're spending 1-dollar-60-cents. It will have an impact on the country. He says Christians can learn from the mistakes the government is making, and take a look at the 2,350 verses that discuss finances in the Bible, and be faithful. Dayton says the way the government spending is not sustainable, and it's going to become increasingly important for American Christians to have their own finances in order. He says then we'll be in the position to help those who don't have their finances in order when the government hits the speedbump.
    The average debt load of a young adult in Howard's classes is 73 thousand dollars, without a mortgage. That's credit card debt, car debt, and student loan debt. He says there are 4 basic principles you need to follow to make sure you're in a good place: be a generous giver, spend very, very carefully, eradicate your debt, and be faithful to save. He says when you're married, make sure your spouse is on the same page with you so you can live responsibly.
     As a country, Dayton says it took us over 200 years to create our first trillion dollars of federal debt. That was in 1980. This last year alone, our government put itself 1.5 trillion dollars in debt. If you need help managing your finances, there are coaches through Howard's program, both on the phone and online. You can get information by going here.