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| How to Rise Above The Bondage of Debt |
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I believe that the bondage of debt is weighing down many Christians. It causes many to not be able to pay their bills. I also believe that one of the main reasons many Christian ministries suffer, is because many of God's people are too in debt to offer their financial support. Many people choose to live within the means of their credit, instead of their income. I believe that we need to repent. Think about it...when we run out and charge something, are we trusting God or our creditors to meet our needs? Graven images can come in the form of plastic :) I do believe there can be "good debt," such as an affordable house payment, instead of rent. But let's face it, debt is normally a bad thing that affects just about every aspect of our lives. It can cause strain on our lives and our relationships. The stress caused by debt, can even cause health problems.
I believe that God's best for us is to be debt free, if possible. It can be done! And how freeing it is to rid yourself of this burden. I have read numerous books on finances. Some of my personal favorites are listed on my profile page.
There are several strategies that I believe can be very good solutions to getting out of debt. There is such a freedom, when we are no longer enslaved to the lender. One of the biggest problems is that many people live paycheck to paycheck and are not prepared for unexpected bills. That is why Dave Ramsey recommends in his book "The Total Money Makeover," to have your first step be to save $1,000.00 for emergency cash.
After this cash is tucked away in a liquid savings account, then list your debts in order from the lowest to the highest amount. Pay as much as you possibly can on the first debt, and make minimum payments on all of the other bills. Do this until all of your debts are paid. Paying the lower debts first, will give you motivation to press on with your goal, by reducing the total number of debts faster.
There is another method that can also be very effective. Pay the Lord first, and then pay yourself 10%. That is to put 10% of your income into a savings account. After one month of savings, take out half of the money, and use that to make a payment on your lowest card. Then make minimum payments on all of your other cards. As soon as the first debt is paid, do the same for the second debt, and on and on until all of the debts are gone. Use half of your total savings each time you make a payment, not just half of what you put in each month. Meanwhile, your 5% will be accumulating every month for emergencies and savings. Try not to use more than 1/2 of your savings for any emergency, but more importantly DON'T USE THE CREDIT CARDS!!!
I cannot say "Don't use the credit cards," without saying this......How about asking God to provide your needs? How about trying the ole "ask and ye shall receive?" You would be surprised how God will honor your request, when you do your personal best to get out of this bondage. I have found checks in my mailbox, I certainly did not expect. This was years ago, but I will never forget the Lord's provision. One time, I really wanted to go on this retreat, and I also really wanted to get out of debt. I was so motivated, that I didn't want to spend the money for the retreat and thus slow down my debt reduction process. So I prayed, "Lord if you want me to go, please make a way where there seems to be no way." Well, I went to church that night and someone on the retreat committee came up to me and said "Sue, someone paid your way for the retreat." I didn't have any kids at the time, and my husband and I both worked. No one knew of my situation. Why on earth would someone pick me? God is faithful. So I went on the retreat and still got out of debt! Makes me wanna shout!!
You may be in mountains of debt that seem impossible to climb out of. The Lord will rarely just hand you the total amount you need to conquer this battle. If He did, you would probably get yourself right back into the same rut you are in now. We all know that it is so much easier to get into debt, than it is to get out. But it can be done. One sacrifice at a time. One bill at a time. One day at a time. You may not only have to figure ways to reduce the debt, but you may have to consider ways to increase your income.
Even after the burden has been lifted. I have learned to pray for things before I run out and buy them. The Lord will almost always make me wait for my request. But I always get so much more than I asked. If you ever come to my house, you will be given the "prayer tour." This is a tour of everything that I have prayed for and received in my house. My brother-in-law even asked my sister, "Has Sue ever paid for a piece of furniture?" lol
When Jamie needed a bed, we prayed and she's got the best quality, most comfortable bed in the entire house! Brand spanking new, and free!! When I prayed for a piano. I not only got a piano, but it was delivered and tuned! When I prayed for a dining room table. I got a very nice table with six chairs, a china closet fully equipped with fine china, and a buffet complete with linens. I still can't get over it! All I asked for was the table! God wants us to be good stewards of our finances. So even if we do have the money to buy these things, why not pray? He wants to bless you! If you don't believe me, come and take the tour.
Feel free to post questions. I will attempt to answer them. |
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| To add a comment to "How to Rise Above The Bondage of Debt" |
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| August 27, 2007 |
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| There is some awesome advice and great encouragement here Sue. I like the creative solution to getting out from under credit card debt. And I'm sure that is only the tip of the iceberg as far as solutions go -- i.e. much more in the books you suggest. Debt is bondage, I know quite a few who suffer from it. This is timely, thanks Sue!! ~mike |
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| August 27, 2007 |
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| Thanks for the advice. |
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| August 27, 2007 |
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Sue said...I cannot say "Don't use the credit cards," without saying this......How about asking God to provide your needs? How about trying the ole "ask and ye shall receive?" You would be surprised how God will honor your request,...
I have found that most people get into debt problems, not because of their needs, but because of their "wants", or put in a Biblical term - lusts. Yes, there are some folks who have a bad turn in life and debt hits them big time. It is those times where discipline in spending is so critical. I was there. I learned the hard way.
However, there are so many things that we can do without. I suggest people take an inventory of what they have that they are paying on that they don't need, then eliminate it - even if it is just for a while. I am amazed at the folks who claim to be so much in debt that they don't know what they should do, yet they have a home studio with a big screen TV, surround sound, and they are getting the premium cable channels so they can watch sporting events.
It is a matter of priorities in life. Like Sue says, people have to want to live within their income limits not their debt limits.
...and I do agree that it is one of the most common types of bondage we experience in this country.
Great post, Sue!
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| August 27, 2007 |
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| I love this blog, Sue! Great tips! |
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| August 27, 2007 |
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| I don't really know the struggle of debt. My parents have though, so I've seen how hard it can be and what a weight comes with it. But from their mistakes, i have learned... I am only 19 and barely beginnig to build my credit. I don't plan on living in debt, not even school debt. I am doing all that I can to not get into debt so that I don't have to get out of it! Thank you for these wonderful tips though. And quite frankly, I think it silly to pay people (credit services) to spend money. (Twice as much money as I would have spent if I just would have waited 2 weeks for my paycheck.) Lol... I have my tithe/seeds, my monthly bills, ect. set aside and if that means I only have $5.00 left... Then I guess no movie night or new pair of shoes for me. I guess it's just been a lesson well learned seeing what my parents had to go through... And so many other people around me... Parents should teach their children the consequenses of "doing what it takes to get what I want right now", b/c honestly, life isn't that easy! A lot of times parents try to hide "debt" from their children to save them from the insecurities of it, but I am so thankfull that my parents taught me, not only through their words, but also their actions. After debt was an issue, life changed dramatically... No more getting whatever I want whenever, b/c although that new shirt would have been nice, I'd rather have running water (w/o the interest rate of a credit card that in a couple of weeks could buy 2 shirts)... They taught by their actions. And it was evident. It wasn't easy to say no, but they did, and I am so thankful for that. But yes, I can honestly say that even when I only have $5.00 left, God not only meets my needs but I also always end up with my wants too! God is indeed faithful!!! He sure is a good Daddy, The Best! |
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| August 27, 2007 |
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| Good post, Sue! You are so right that this is an out-of-hand problem with our society, Christians included, and as Voice says, I too believe that it usually has more to do with lack of self-discipline than it does to need. (Serious health issues with enormous hospital bills are an exception.) As you so wisely have said, there is a way out. With careful planning, maybe with the help of someone who has a better understanding of money management. When we want a new outfit, new shoes, the lastest game system for our kids, etc., if we would plan for it, and buy it only when we have the cash, life could be much better. And if we are in debt, why do we keep 2 phone bills, a cable bill, etc.? Those are not necessities. I have friends who wonder how I do the things I do on my salary. It's really simple: I am not paying interest to anyone, I put back a certain amount in savings every month as you suggest here, and I don't buy or do anything that I don't have the cash to pay for. And I'm healthier and happier because I am not stressed over bills and payments. |
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| August 27, 2007 |
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I believe that God doesn't want any of His children to be in debt. I curse debt in Jesus' name! God wants us to be good stewards of His money (everything we have belongs to Him), and it is always helpful to ask (in faith) for God's wisdom in how we should handle our finances, and He will provide us that wisdom.
I don't believe that we should never use credit cards, but rather, we should be wise in how we use our cards. They can be convenient and helpful at times. I use several cards often and I am quick to pay the balance right away else I end up paying interest and being a bad steward of God's money. God needs our money to help fund missions, feed the poor, provide medicine for third-world countries, etc... Have a victorious day in Christ--debt free!!! |
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| August 27, 2007 |
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Sue,
Hello from a fellow Dave Ramsey reader! I love his work and agree with nearly all aspects of it. His books are a great read and his radio is is just as good. Thanks for posting this blog and I hope people will take your recommendations and his (and Gods, since most all of it lines up with biblical teaching very well).
Next to the bible, his book changed my life more than any other!
It is not a get rich quick scheme, but just good old fashioned common sense.
If I can help answer any questions (in the Dave Ramsey light) I would be happy to help.
Cheers and God Bless |
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| August 27, 2007 |
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| Forgot the star....oops, there you go! |
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| August 27, 2007 |
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forgot the star?? how could anyone forget the star!!!  |
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| August 28, 2007 |
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Thank you all for your input. Of course there was so much more I wanted to say. So I may have different topics related to this issue pop up in the future.
About not using credit cards, that was just for people who are swamped in debt. I use them myself. But if I can't pay the entire bill on the next billing cycle, I do not use that particular card until the bill is paid in full. And the card I carry around the funds come out of my checking account. I leave my regular credit cards at home, so that I can't do any impulse shopping. This way I have to come home, think and check with my husband. By the time I do all of that, the thing I "had to have" doesn't seem so necessary after all. |
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| August 29, 2007 |
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I enjoyed that, especially considering TODAY, seriously TODAY, I just got out of debt!! I have been in 1000's of $$$s worth of debt and they were ALL paid for TODAY!! GOD IS DEFINITLY FAITHFUL! It feels much better to be out of debt and im thankful to GOD, it was ALL HIM!
GRACE MERCY and PEACE from GOD OUR FATHER and CHRIST JESUS OUR LORD |
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| August 29, 2007 |
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| Sue - Great advice. Me and Kathy took a course by Dave Ramsey, called Financial Peace. It really helped us. |
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| August 29, 2007 |
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Cathy, I will get to that..... :)
The Diggin: What a fantastic praise report! Thanks for sharing. Isn't it such a freeing feeling to have that weight lifted off of you? It is never an easy road. But I think the Lord keeps it that way on purpose, so that we learn in the process not to repeat our mistakes. Just like a loving Father!
Thanks Mullet! Sure glad to hear that there are a lot of Ramsey fans out there. Not only does this guy have loads of information, he is hillarious! I heard him on tv and I was laughing so hard, I thought "I have to get this guys book." I liked the book so much, I got the workbook to go with it. |
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| August 30, 2007 |
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| I agree with everyone, this was a great post Sue!! I have been struggling with debt for a few years now. I am happy to say that I am down to only $3000 now. *Sigh* I guess you have to live and learn. I have learned that DEBT = GREED If I can't afford it at the time, then I don't need it. I only keep one card now for emergencies only! Thanks for all the great advice. I am proud to say that in a matter of months I will be Debt free and Happy!! With the exception of my mortgage payment of course. LOL!! IF YOU BELIEVE, HE WILL ANSWER YOUR PRAYERS AND HELP YOU! |
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| September 05, 2007 |
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| hi i'm new here just wanted to say hi God Bless You |
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| September 06, 2007 |
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Sue I know what it's like and I do appreicate you posting this blog, because I am getting out of debt as of now. I like spending money and that's how I got my self in this pickle of debt, now I am letting our God lead me and show me throught other's and his word to be a good steward over his money by saving giving to him also pay off my debts.
Thanks Sue |
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| September 06, 2007 |
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Hello Sue,
I am new to this site and came across your blog. My divorce of 12 years ended in part b/c of debt. Most times it is the wife who spends - in my case, my husband made transactions (like $12,000 worth), loans were made with banks ($1,300) and loan companies (that charge like 40million % a yr), withdrawals from checking accts ($700) student loans for over $7,000 for his 22 yr old son who still lives at home, does not help out and yes, has quit school after 1 yr and the list goes on. All without my knowledge. He even used to buy my birthday and christmas presents on MY credit cards so i ended up paying for those myself. My divorce was final August 5th, i am still hurting b/c i love him, i just didn't like his decisions w/$ (and other things too, but we were going in the hole FAST). I know, it takes two to be married and two to be divorced. i am going to counseling to learn the part i played and to not take the same behavior to another relationship. He is paying me monthly, but i'm already hearing how he can't pay the house payment, but yet i know he has 3 or 4 credit cards now in his name - he said he got them because he might need something if we split - that makes no sense at all to me. Anyway, your advice on Dave Ramsey's financial peace and getting out of debt has inspired me and given me hope that i too can be free of debt. i know i can do nothing w/o the help and guidance of the Lord. Thank you again for such a wonderful blog and i will continue to pray for you and may God always richly bless you! |
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