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    The Debt Trap: Understanding the Global Cost of Living Crisis
    The Debt Trap: Understanding the Global Cost of Living Crisis
    The Debt Trap: Understanding the Global Cost of Living Crisis
    Ebook117 pages1 hour

    The Debt Trap: Understanding the Global Cost of Living Crisis

    By Kofi Ayeh

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    About this ebook

    Today’s society spins a lie that debt is necessary in order to survive. The Debt Trap: Understanding the Global Cost of Living Crisis disproves this, and demonstrates how individuals can begin to turn the tide on ever-increasing loans and debt to live in freedom.
    Through wise words and powerful stories found in the Bible, a better understanding can be gained about how money should be regarded and managed. These principles of wisdom and truth can be applied by those of any faith, or by those who profess no faith. Jesus Christ spoke about money more than any other subject – not to tell people whether they should be rich or poor, but rather to explain the wrong emphasis on money, and to focus on Kingdom values. Instead of how the world sees money and possessions, wealth should be used to bless others rather than seeking to amass as much as possible for selfish purposes.
    This book is clearly set out, inviting readers to consider their attitudes towards money and debt – through the lens of personality types, understanding values, and making a distinction between needs and wants. The pervasive influence of advertising and the media is also discussed.
    The narrative then widens to look at world economies and the perilous state of debt mountains that are out of control, threatening financial stability. It considers the economies of the UK, the USA, Ghana, Nigeria, and others.
    The volatile and unpredictable nature of the world we live in today is also addressed. Over the past few years, there have been big shocks and changes – many involving the word ‘crisis’ – and the impact of these is a sign to all to get personal financial affairs in order, to better prepare for future upset.
    In the light of the information presented, it becomes crystal clear that there is an urgent need for individuals to get spending under control and emerge from the debt trap that enslaves them. In gaining freedom from debt, and becoming wise in handling their finances in a healthy way, the reader will then be able to live freely and contribute to society without being tied up in debt repayments – the interest-gobbling monster than looms over so many families. Personal debt not only leaves people enslaved to lenders, but also leaves them vulnerable to global financial meltdown.
    In making a decision to tackle debt and manage finances, readers will find a wealth of information about how to pursue this goal, including practical steps for moving out of the culture of loan and debt, and encouragement to push through any obstacles they face. They can find a new way to manage money that includes saving and investment, where money grows instead of being depleted. There is a clear invitation to come into a biblical view on the way money is used and how it can help others. This book will equip readers to grow into money maturity through knowledge and understanding, bringing them into a place of financial freedom that will insulate them against the powerful forces of debt enslavement and global unrest.

    LanguageEnglish
    PublisherVike Springs Publishing Ltd
    Release dateOct 6, 2024
    ISBN9781068621925
    The Debt Trap: Understanding the Global Cost of Living Crisis
    Author

    Kofi Ayeh

    CONSUMER CREDIT – THE POISONED CHALICE (AUTHOR'S BIOGRAPHY) Pastor Kofi Ayeh is married with three children and lives in the United Kingdom. He is currently the resident pastor of the Lighthouse Chapel International's branch in Greenford in west London. After years of trying to find a niche for his faith and livelihood, he decided in 1998 to enrol on a postgraduate course in economic development.During his studies, he came to the realisation that poverty could never be made history, and that man's greatest and primary need is spiritual rather than physical. He also found out that no number of regulations or amount of force on earth, other than the unfailing love of Jesus, could make men share the world's resources equitably, and that the love for money is the root of all evil. His passion and quest for a debt-free life led him to write his first book entitled 'Global Credit Crunch - Moment of 'The Truth' in 2009 (featuring on Amazon). Consumer Credit - the Poisoned Chalice is a sequel to the first and it is a personal and spiritual perspective and evaluation of the current global financial crisis. In this particular book, Pastor Kofi uses a set of socio-economic information to reveal the subtle, insidious, yet emotional and psychological realities behind the power of consumer credit advertising. He outlines the global and eternal implications of the consumer debt plight from an objective standpoint. He further explores biblical and pragmatic ways of permanently getting out of debt in a thought-provoking manner. In this book, the global profit-hungry agenda being disguised in diverse forms of personal credit is revealed. If you are in debt, a debt counsellor or have an academic interest in the subject, then this is a must-read book for you. Dec, 2011

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      Book preview

      The Debt Trap - Kofi Ayeh

      Foreword

      Acknowledgements

      Introduction

      Chapter 1 The World is Drunk on Debt

      Chapter 2 Money Management and Temperament

      Chapter 3 The Cunning and Seductive Power of Advertising

      Chapter 4 Needs Versus Wants

      Chapter 5 The Deceptions of Remortgaging, Equity Release, Amortisation and Debt Consolidation Schemes

      Chapter 6 The Economic Position in the UK

      Chapter 7 The ‘Wealth’ of Nations

      Chapter 8 Living in a VUCA World

      Chapter 9 Beginning to Fire-Proof Your Life

      Chapter 10 Who do you Serve?

      Chapter 11 Developing Investment and Saving Habits

      Chapter 12 Turning Your Financial Mistakes and Disappointments into Victories

      References

      THE DEBT TRAP

      Copyright © 2024 by Kofi Ayeh

      All rights reserved.

      No part of this book may be used, reproduced, stored in a retrieval system or transmitted, in any form or by any means, including mechanical, electronic, photocopy, recording, scanning and methods not invented or in common use at the time of this publication, without the prior written permission of the publisher. The use of short quotations or occasional page copying for personal, or group study is permitted and encouraged. Permission will be granted upon request.

      Unless otherwise indicated, all scripture quotations are taken from the (NASB®) New American Standard Bible®, Copyright © 1960, 1971, 1977, 1995, 2020 by The Lockman Foundation. Used by permission. All rights reserved. lockman.org.

      Bold words in scriptures are for emphasis only.

      Publisher

      Vike Springs Publishing Ltd.

      First Edition

      ISBN-13: 978-1-0686219-2-5 Ebook

      ISBN-13: 978-1-0686219-3-2 Paperback

      Printed in the

      United Kingdom and United States of America

      Kofi’s books are available at special discounts when purchased in bulk for promotions or as donations for educational and training purposes.

      DISCLAIMER

      The advice contained in this book might not be suitable and acceptable to everyone. The author has framed his opinions on biblical principles, publications from other authors and his own experience. While he believes these sources, and his interpretation of them, to be accurate and reliable, this does not imply or intend any guarantee of accuracy. The author is not in the business of giving legal, accounting, or any other type of professional advice; the reader must therefore investigate all aspects of personal or business decisions before committing him or herself to any advice in this book. The author particularly disclaims any liability, loss or risk incurred by individuals who directly or indirectly act on the information contained herein. The author believes the advice presented is sound and biblical, but readers cannot hold him responsible either for the actions they take or for the result of those actions.

      DEDICATION

      To the late Nathan Albert Kwabena Manteaw Ayeh, my beloved brother who passed on to be with the Lord in London on 22nd August 2019. May the good Lord who knows the heart of men, grant you eternal and peaceful rest in His bosom till we meet again on the resurrection day. You were a pillar, compassionate confidante, tireless helper, very lovely brother and irreplaceable soul in our family. Forever held fondly, dearly and affectionately in our hearts! Sleep well, Kwabena!

      ACKNOWLEDGEMENTS

      For the last twelve years, I have trusted God for a confirmation and the opportunity to write another book. This book is an updated version of my first two books: The Global Credit Crunch- Moment of ‘‘The Truth’’, and Consumer Credit – The Poisoned Chalice. I am grateful to God that this desire has finally become a reality. It is my prayer that this is the will of God for my life and will bless many people. I can only count on and trust in His mercies for further direction as I continue walking with Him.

      I wish to express My special thanks goes to Bishop Richard Aryee, who led me to Christ in the summer of 1995. I am most grateful to Bishop Kakra Baiden and Bishop Kweku Amponsah of the United Denomination of Lighthouse Group of Churches (UD-LGOC) for their continuous and life-transforming encouragement that has fuelled my passion to share information and personal experience through books.

      Thanks to the Vike Springs Publishing team for their remarkable professional work. Their sacrificial and memorable contributions have made this book a reality.

      Finally, thanks to my dear wife, Harriet and my children Janice, Karis and Jayden for standing together with me and allowing me countless undisturbed hours of time to write this book.

      My greatest gratitude goes to Jesus Christ who died on the cross of Calvary and rose again to save a lost and pitiful sinner like me.

      Kofi Ayeh United Kingdom

      Foreword

      by Dr. Joseph Adonu Social Psychologist, University of Bedfordshire; Senior Fellow of the Higher Education Academy of England and Wales (SFHEA)

      The rising cost of living crisis in the world does not seem to show signs of lifting anytime soon, in view of the global uncertainty in politics, war, immigration, technology and the environment. The need for financial intelligence and discipline has become greater than ever. It is imperative that both short-term measures to stop the plight of spiralling debt and long-term measures of laying the foundations for a sustainable future of socio-economic stability and quality of life are implemented.

      In this concise and informative book, Kofi Ayeh has shared useful insights and strategies for managing and staying on top of the financial difficulties in the current crisis of socio-economic and political uncertainty. We are in an increasingly capitalistic world economy in a period of rapid digitalisation and the new age of artificial intelligence, where job security is getting more precarious while for most people the gap between income and expenditure is growing . It is difficult to hold a stable job that fully meets one’s needs without running into debt. Most individuals and households are in some form of debt – from loans, overdrafts and credit cards. There is an urgent need for an existential rethinking towards having dominion over socio-economic circumstances at every level – personal, family, business and institutional. Cutting through the jargon and deception covering the reality of the financial crisis, this book is an inspirational guide that we all need in order to understand the times and forces at play so that we can make the informed choices and sacrifices required to secure our lives for today and for tomorrow. Macro-level economic systems, global catastrophes, human hedonism, evil forces and personal ill-informed choices have led many individuals, families and institutions into the mire of financial predicament and its consequences of broken homes, relationships, communities and societies. Governments and local authorities may offer various forms of social welfare support to their citizens, but they can only do so much! Drawing on personal experience, economic theory, philosophical foundations and biblical principles, Kofi Ayeh brings our attention to the insidious and debilitating ways in which the complex trappings of capitalistic individualism have blinded and enslaved many people, particularly in the Western world.

      The conceptual soundness and spiritual richness of the insights and strategies presented here are invaluable for the financially poor and the rich; the entrepreneur and the consumer; the pastor and the congregant; the teacher and the student; the leader and the learner; the young and the old; the beginner and the veteran. Beyond concepts and strategies, he presents facts and figures depicting the sharp realities of the personal, national and global trends in financial matters across time, to offer an insightful and empowering panoramic view to the reader.

      In my experience as a UK academic over the decades, I can unreservedly add my voice to the clarion call from Kofi Ayeh to wake us all up so we can take inspired and informed responsibility for our financial freedom.

      Introduction

      Today’s society spins a lie that debt is necessary in order to survive. In this book I aim to disprove this, and to demonstrate how individuals can begin to turn the tide on ever-increasing loans and debt, choosing instead to live in freedom.

      Through wise words and powerful stories found in the Bible, a better understanding can be gained about how money should be regarded and managed. These principles of wisdom and truth can be applied by those of any faith, or by those who profess no faith. Jesus Christ spoke about money more than any other subject

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