We live in an age of
instant gratification. Our society thinks that there’s nothing wrong with about
living beyond our means. Some of us are so deep in debt that we’ve given up the
hope of ever getting out of it. Today, I have good news for you. God wants you
to be free and clear of all debts.
According to
creditcards.com, the average household with at least one credit card has nearly
$15,950 in credit card debt. The average interest rate runs in the mid to high
teens at any given time. That’s just credit card debt. Then there are retail
shops, student loans, mortgages, and car payments. How then can we get out of
debt?
The first step of getting
out of debt is a change of mindset. Unless we change our thinking, we will
never change. The Bible says, “The rich
rule over the poor, and the borrower is slave to the lender” (Proverbs 22:7
NIV). Today let’s discuss seven practical ways to get out of debt.
1. Make a decision. Unless we see ourselves getting out of debt, we never will. Whatever
you focus on will grow. I speak from experience. Once you make the decision to
get out of debt, you’ll be amazed by how many ways you can find to pay off your
debt. Make a decision today!
2. Accept that it will take some time. None of us got into our debt overnight and we’re not
going to get out of it in just a month. However, if we plan, prepare, and cut
spending, we’ll be able to pay off our debt sooner than we thought possible.
How do you eat an elephant? One bite at a time!
3. Start with the highest interest debts. Paying the minimum balance on your debt can often
take up to 5-10 years and you end up paying three to five times the amount you
borrowed originally. I’ve been paying a certain loan that should have taken 15
years to pay off. Recently, I started doing what I’m telling you. I’m making
sacrifice and paying five times more towards my principal rather than the
minimum payment prescribed. Now I can pay off that debt in less than two years!
4. Change your spending habits. The marketing people will always tell you how you
“deserve” it. Not only that, why wait? Have it “now.” The advertisements will
entice you with a “one day only sale.” Don’t
fall for these traps. Your house is loaded with stuff you couldn’t live without
and now just collects dust over the years. Be
honest with yourself and resist the urge to spend on whatever your little eyes
see. Let me say something hard with a smile on my face. Out of control spending
is an addiction just like drugs and alcohol. Unless you get rid of it, it will
get rid of you. Get some help and be secure in God – not the stuff you have.
Smile!
5. Learn to manage your money. God wants to make you the ruler over much but not
until you’ve learnt to be a good steward over what He has already given you.
Nineteen percent of Americans spend more than they earn. As your income
increases and sudden money comes into your hand, don’t buy more stuff and
increase your living standards. The secret to living a financially balanced
life is to live on 70% of your income. Right off the top put 10-20% in savings
and investments (after you’ve paid off your liquid debts). Give at least 10% to
God’s work. Consult a financial advisor.
6. Practical ways to save money. Refinance your house with a lower interest rate and
15 years loan or less. Re-evaluate your car, health, life
insurance, and service plans. Eat out less and eat more healthy food at home.
Get rid of brand name coffee, soda, sugar, cigarettes, and liquor. Carry only
your debit card. Use cash whenever possible. Buy when the price is half the
cost and not when the advertisers or your impulse tells you to. Cut down
spending on big-ticket items, vacations, or entertainment until you’ve paid off
your liquid debts. Be generous and develop a habit of giving (doesn’t have to
be big) for we reap what we sow. Give to bless Israel and God will bless you.
7. Pray for supernatural debt cancellation. Many people in debt feel guilty about asking God for
helping them get out of debt. Like all our indiscretions, nothing catches God
by surprise. God’s grace is not performance based. It doesn’t matter how you
got into your debt – Jesus can get you out! Believe God for supernatural
intervention. One of my friends had a $1.3
million debt canceled because they did their part and dared to believe God for
the impossible. God wants to help you come out of debt. Do your best and let
God do the rest. Friend, there is help and there is hope. Starting today, let’s
make it a priority to come out of debt. I’m praying for you!
“Owe nothing to anyone--except for your obligation to
love one another. If you love your neighbor, you will fulfill the requirements
of God's law” (Romans 13:8 NLT).
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