Read Proverbs 22:7. In what sense are we under bondage to the lender?
What can be done to escape from this unfortunate phenomenon? 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.
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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.
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 conduct be without covetousness; be content with such things as you have. For He Himself has said, ‘I will never leave you nor forsake you.’ ” (Hebrews 13:5, NKJV). How could applying these words greatly help people avoid getting into debt? |
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