Tuesday January 31
How to Get Out of Debt
Read Proverbs 22:7.
The rich ruleth over the poor, and the borrower [is] servant to the lender.
In what sense are we under bondage to the lender?
In their day, if the borrowed money could not be repaid, they became servants to the lender. Today, like many countries including America, the country is so deep in debt that the children will continue to suffer as we are as we see our money become worthless while the rich become more rich.
What can be done to escape from this unfortunate phenomenon?
Don't live beyond your means. Don't use a credit card. When setting aside money for God, set aside money for yourself, even if it is pennies. Don't buy new cars and furniture until your house is paid off. Don't go out to dinner if you own money. etc.
If you are in debt, the following outline will help you begin a debt-elimination process. The plan is simple. It has a premise and three steps.
The premise is a commitment to God to be faithful in returning His holy tithe to access His wisdom and blessing. He is eager to bless those who obey Him.
Step one is to declare a moratorium on additional debt: no more credit spending. If you don’t borrow money, you can’t get into debt. If you don’t borrow any more money, you can’t get further into debt.
Unless you can't pay your monthly payments on your credit cards. You continue run deeper into debt as penalties and interest continue to accrue and push you deeper into debt. The banks are lending sharks who will steal your soul if you let them.
Step two is to make a covenant with God that from this point on, as He blesses, you will pay off your debts as quickly as possible. When God blesses you financially, use the money to reduce debt — not to purchase more things. This step is probably the most crucial. When most folks receive unexpected money, they simply spend it. Don’t; instead, apply it to your debt-reduction plan.
Step three is the hands-on practical part. Make a list of all your debts, from the largest to the smallest, in descending order. For most families the home mortgage is at the top of the list, and a credit card or personal debt is at the bottom. Begin by making at least the minimum payment due on each of your debts on a monthly basis. Next, double up or increase your payments in any way you can on the debt on the bottom of the list. You’ll be happily surprised how quickly you can eliminate that smallest debt. Then use the money that you were paying on the bottom debt to add to the basic payment on the next debt as you work your way up the list. As you eliminate your smaller high-interest debts, you’ll free up a surprising amount of money to place on the next-higher debts.
God clearly doesn’t want us in debt. Once the covenant is made, many families find that God blesses them in unexpected ways, and the debt is reduced faster than they had anticipated. By following these three simple steps, many families have become debt-free. You can, too! By putting God first, you’ll receive His wisdom and blessing for managing what He has entrusted to you.
“Let your conversation [be] without covetousness; [and be] content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.” Heb. 13:5. How could applying these words greatly help people avoid getting into debt?
If we love the Lord our God with all of the heart, we shall not spend money on things we do not need. Examples: Much money is spent on cars, boats, planes, dinners, sports. For what? While multitude are seeking for truth, we are going to spend money on these things? Jesus did not, nor ought we, especially if we are in debt. Pay off your home as fast as you can. Dark days are coming....are already here. But, things will get much worse very fast. Get out of the city and pay off your debt as fast as you can. Start growing a garden that you might live free from the world.