Middle-Class Death Spiral: Consumers Have Never Been In More Debt, And Bankruptcies Are Surging

Paul’s charge to us in Romans 13:8 to owe nothing but love is a powerful reminder of God’s distaste for all forms of debt that are not being paid in a timely manner (see also Psalm 37:21). At the same time, the Bible does not explicitly command against all forms of debt. The Bible warns against debt, and extols the virtue of not going into debt, but does not forbid debt. The Bible has harsh words of condemnation for lenders who abuse those who are bound to them in debt, but it does not condemn the debtor. This wasn’t supposed to happen.  During the relative economic stability of the past few years, the middle class was supposed to experience a resurgence, but instead, it has just continued to be hollowed out.  The cost of living has risen much faster than wages have, and…

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