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~ the borrower is slave to the lender ~
 Backward Americans are Saving More During Great Recessionby Mogama News report says in the 1970's, Americans saved as much as 10% of their income. I think that was the period of the oil crisis, when the economy was suffering badly. Then when the economic prospects turned up in the 1980's, the savings rate began a downward trend. Research by the Utah Foundation has tracked the Americans' savings rate. From the 1980's through the boom of the 1990's until the third quarter of 2005, Americans' rate had tanked to a meager 1.2%. Then rumors of a recession started to roam in 2007, and the rate of savings moved up to 1.7% in 2007, 2.7% in 2008, and 4.2% in 2009. By the second quarter of 2009, the rate climbed to 5.4%. By June of 2010, Americans were... (continue reading) |
Saver or Spender: Which is Better for Economic Recovery from Recession? by Mogama Americans are saving more and spending less during the Great Recession. But is that a good thing? Yes and No, depending on the experts you listen to. In the July 25 edition of Deseret News of Salt Lake City, Utah, carries an article by Linda Thomson titled Americans saving more during tough economy. Quoted in the article, experts at the Utah Foundation say increased saving by Americans during the Great Recession is a good thing. For two reasons: (1) “... a greater saving rate provides more capital for investment...”, and (2) “increased saving provides greater security to households...” But in the article, Americans save more as recovery slows , in the... (continue reading) |
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| Great is Thy Faithfulness, and Great is My Wastefulness by Mogama Great is Thy faithfulness! Great is Thy faithfulness! Morning by morning new mercies I see. All I have needed Thy hand hath provided; Great is Thy faithfulness, Lord, unto me! When it comes to having enough or surplus in America, Gods faithfulness is not in question. It is my wastefulness thats the issue. After nearly 20 years of living in America, I have raked in tens of thousands of dollars every year, but I have been ditching them out as fast as they have come in. Why? Well, I guess I just never kept up with my economic roots back in Liberia … I mean how fellow Liberians are fairing compared to my prosperity. My American status has all but blinded... (continue reading) |
How to Conquer Credit Card Temptation by Steven & Summer Wilson Credit card companies and financiers bombard us with mail telling us that we are approved for credit and loans. The first thing to remember when we receive these enticing offers is that we should always avoid spending money we do not have. Secondly, know that you can combat the temptation for “easy money” with scripture. When you find yourself weighing the risks of applying for “FREE MONEY” or high interest loans and credit cards, think about God’s words in James 4:7: “Submit yourselves to the Lord. Resist the Devil and he will flee from you.” SUBMIT “Submission” is the practice of studying God’s principles and then... (continue reading) |
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