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Wednesday, June 12, 2013

How to Pay Off Your Debt


Owing money to your family, friends and financial institutions can keep you from reaching your highest potential. Many today are facing their financial mountain with no practical information to eliminate debt.

While I’m not a financial advisor, we can learn certain principles from the Bible that will help us eliminate our debt in due time. There are things you can do to put things in motion that will allow you to be debt free sooner than you think. Let’s talk about paying off our debt.

Be hopeful. If you are so drowned in debt that you can’t see the daylight, it’s time to find some hope. Be encouraged. There’s light at the end of the tunnel. You can overcome any financial mountain. Don’t just believe in your own strength, hope in God. It doesn’t matter how you got into this mess, the good news is God is here to get you out.

Put your debt on paper. It’s hard to imagine the magnitude of our debt in plastic. Confront your fear and then overcome it. When you put down your debt in paper, it helps you to see the big picture. Itemize every debt line by line. For example, Visa Card $2100, Sears $821, House $150,000, car $12,000. Writing them down will give you a reality check of your total debt. When you write down your debt, you’re ready to create an action plan and eliminate them.

Be disciplined. This is one of the main causes of debt. When we’re living without boundaries, we’re inviting troubles into our lives. One of the greatest strength you can have is to have financial discipline. Just like our emotions, we cannot afford to react to every financial spending that looks attractive. Trust me, the opportunity of a life time will come again. Not every sale that’s out there is for you and me. If you learn to say no now, you’ll enjoy life later.

Pay bills on time – every time. It’s amazing to me how many people do not pay their bills on time. We’re so quick to point our fingers at Washington but personal responsibility begins at home. I’m saying it with a smile! Put your bills on auto pay. Having bills paid online is another smart way to eliminate debt. First pay off your high interest rate debts. Don’t forget to check your monthly statements. Companies make mistakes! Another good habit of paying bills is to have bi-monthly dates on your calendar to write your checks at one time.

Live within your means. The scripture teaches us to be content with what we have. This is not to say you can’t desire for more but if you have 10 don’t spend 12. Life usually has a way of getting worse before it gets better. Say with me, “I can’t afford this right now.” See, it’s not too difficult. Learn to say no to your flesh and God will make you ruler over much.

Develop a Joseph plan. Before the famine hit in Egypt, Joseph charged the whole nation to save 20% of the grain. Today, we call it the emergency fund. If you put 10% or 20% from money that comes into your hand, you’ll have plenty to pay off your mountain of debt. Putting a little aside every month will bring your stress down immensely and give you hope.

Believe God for supernatural provision. You must do your part. You can’t pray every problem away. You have to develop some character. However, after you’ve done everything you can, ask God BOLDLY for His supernatural provision. I have a friend whose 1.2 million dollars hospital bill was forgiven. Yes, our God is still Jehovah Jireh – God our Provider! He loves you greatly. He is with you and He is for you. There is ALWAYS hope in our God. You can eliminate EVERY high mountain of debt. I declare you to be debt free, living in the blessings of God. I’m praying for you!

“God did extraordinary miracles through Paul” (Acts 19:11 NIV).

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