HomeMy WebLinkAboutThe Citizen, 2012-11-29, Page 20PAGE 20. THE CITIZEN, THURSDAY, NOVEMBER 29, 2012.
By Pastor Ernest Dow
Living Water Christian
Fellowship, Blyth
Recent news headlines have been
sounding the alarm about
Canadians’ increasing indebted-
ness. “Canadian ‘debt clock’ passes
$600 billion mark.” (CTVNews.ca
Nov. 25/12) “Consumer debt loads
grow at fastest pace in two years.”
“Canadian household debt hits new
high.” (CBC.ca Nov. 14/12 and Oct.
15/12, respectively).
It’s not just a problem we can
blame on the government; individual
households are significantly in debt.
The ratio of credit market household
debt to disposable income has hit
163 per cent. What’s that look like in
concrete terms?
According to Statistics Canada,
per capita net worth is about
$190,200. Homeowners on average
now hold 69 per cent of the equity in
their homes. But consumer non-
mortgage debt now averages
$26,768. Credit card debt, which
carries the highest carrying costs,
now averages $3,573. Borrowing on
lines of credit averages $34,050.
And auto loans have increased 11
per cent year-over-year to an
average of $19,228.
Our financial officials are warning
us we can’t go on like this! Both
Bank of Canada governor Mark
Carney and Finance Minister Jim
Flaherty have issued repeated
warnings about the perils of taking
on too much debt. Thomas Higgins,
who works in the finance industry,
says: “Debt’s outpacing us and
continues to outpace us, so at some
point in time there’s going to be a
reconciliation.”
Particularly as we enter the
Christmas season, advertisements
and flyers pick up the pace, tempting
us ever more suavely with offers of
the latest new shiny gadget, finer
clothes, that eye-catching piece of
furniture we’ve been holding off
replacing. With the ease of obtaining
credit, it’s enticing to yield to the
merchandisers’ mantra to “buy now,
pay later.”
The Bible offers practical God-
inspired wisdom that reminds us
over-spending is no means of
salvation. Debt is warned against
throughout the book of Proverbs
(17:18; 22:26f). Those who are in
debt are warned to get out of it as
soon as they can (Prov.6:1-5). The
Bible describes debt as bondage:
“The rich rule over the poor, and the
borrower is servant to the lender.”
(Prov.22:7)
In the New Testament, the apostle
Paul instructs believers, “Let no debt
remain outstanding...” (Romans
13:8) Randy Alcorn in his excellent
book (Money, Possessions and
Eternity) comments, “At the very
least, Romans 13:8 clearly indicates
that borrowing should not normally
be done and no debt should remain
outstanding – it should be paid off as
soon as possible. The common
practice of incurring debt upon debt
is a violation of this principle.”
Some financial counsellors
consider a home mortgage to be
different from other kinds of
indebtedness, because the loan is
secured by the equity of the house.
In a financial crisis, the home can
always be sold and the equity
regained. Of course, that applies less
when the home was bought during a
housing “bubble” – when there’s a
market crash, renters may find they
come out ahead of buyers. Market
analysts note that at the peak of the
U.S. housing bubble in 2007,
household debt to income ratio hit a
high of 170 per cent; our current
THE CATHOLIC PARISHES OF NORTH HURON AND NORTH PERTH
CORDIALLY INVITE YOU TO ATTEND HOLY MASS.
OUR SUNDAY LITURGIES ARE AS FOLLOWS:
Brussels:
St. Ambrose
Saturday
6:00 p.m.
17 Flora Street
Wingham:
Sacred Heart
Sunday
9:00 a.m.
220 Carling Terrace
Listowel:
St. Joseph
Sunday
11:00 a.m.
1025 Wallace Avenue N.
Worship Service & Sunday School at 11 a.m.
CORNER OF DINSLEY & MILL STREETS
MINISTER
Rev. Gary Clark, BA, M. Div.
All Welcome
MUSIC DIRECTOR
Floyd Herman, BA, M. Ed.OFFICE: 519-523-4224
DECEMBER 2ND ~ Spotting The Perfect Gift
DECEMBER 9TH ~ Gift Return For Exchange Only
If God is
So Good,
Why Is
There So
Much Bad
in the
World?
HURON CHAPEL
Sunday @ 10:30am
www.huronchapel.org
Week Four
You’re Invited To Join Us In Worship
Hwy. 4, Blyth 519-523-4743
www.blythcrc.ca
SUNDAY, DECEMBER 2
Morning Service 10:00 am
Evening Service 7:30 pm
will be led by the Men of Note
BLYTH CHRISTIAN
REFORMED CHURCH
MELVILLE
PRESBYTERIAN CHURCH
BRUSSELS
Rev. Elwin Garland
SUNDAY, DECEMBER 2
Wheelchair accessible ~ Nursery care available
519-887-9017
10:00 am - Sunday Morning Worship
- Sunday School
Community Christmas
Choral Concert
involving churches in the Brussels area
Sunday, December 9
at Brussels United Church
at 7:30 pm
Free-will offering will help support the
Ministerial Emergency Fund
BRUSSELS
Sandra Cable, Pastor
Church Office 519-887-6259
E-mail - beunitedchurch@gmail.com
SUNDAY SERVICE 11:00 am
Sunday School
Celebrating our Christian Faith together in worship
United Church
December 2 ~ Communion
December 9 ~ White Gift Service
December 9 ~ Community Christmas
Choral Concert at 7:30 p.m.
Youre Invited
to come worship
with us
Sunday, December 2
Brussels Business & Cultural Centre
at 10:30 a.m. and 6:30 p.m.
Sunday School for children
4 to 11 years of age at 9:30 a.m.
Childcare provided for infants and
preschoolers during the sermon.
Coffee & cookies after the morning service
For additional details please contact Pastor Andrew Versteeg 519.887.8621
Steve Klumpenhower 519.887.8651 Rick Packer 519.527.0173
getlivingwater.org
Pastor: Ernest Dow ~ 519-523-4848
Living Water
Christian Fellowship
Evangelical Missionary Church
10:30 a.m. ~ Worship & Sunday School
Wingham Bible Study - Tuesdays 7:30 pm
Youth Group - Tuesdays 7:30 pm (at CRC)
Women At The Well - 1st & 3rd Wednesdays 7:30 pm
at 308 Blyth Rd. (former Church of God)
Dec. 2 1 Thess. 3:6ff
“Essential
Christianity:
Real, Relational,
Righteous”
1st of Advent:
“Hope”
250 Princess St., Brussels
519-887-6388
www.bmfchurch.com
Interim Pastor Jim Whitehead
Guests Welcome
Jesus Is Lord!
Brussels
Mennonite
Fellowship
Worship Service 10:00 am
Sunday School 11:15 am
From the Minister’s StudyOverspending is not our salvation: Dow
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