Owe nothing to anyone–except for your obligation to love one another…Romans 13:8
Practical Messages for Impractical Times-Necessary Debt vs Unnecessary Debt
I belong to a Facebook group that focuses on saving money by paying close attention to our spending habits. Most of us have been in the terrible predicament of accumulating unnecessary debt. Before we realize the amount that we owe on the high-interest credit cards that were easily attained, our liabilities exceed our assets. We end up with limited financial resources to live on, and become vulnerable to the many “get out of debt schemes.”
Unfortunately, there is a domino effect that occurs when our finances are out of control. Having excessive debt leads to the “3Ds”: Destruction of your peace of mind, Discouragement, and Desperation. When we are suffering from the 3Ds, our outlook is bleak. We may seek to borrow additional monies to remedy our situation. For individuals who have made this unscrupulous decision in the past to alleviate overwhelming debt, our FB members try to emphasize the drawbacks of borrowing or paying for Debt Management services.
The standards of Capitalism encourage us to acquire credit cards and purchase excessive tangible items that are labeled as desirable assets. Even though we are facing an insurmountable situation; there is hope, we can make the required changes to get out of debt. Recognizing and acknowledgment of our mistakes with overspending is the first step to having a debt-free lifestyle.
1. Make a list of your liabilities.
2. Develop a weekly budget. Track by documenting all of your spendings.
3. Reduce or eliminate Debit/Credit card use.
4. Call creditors; close accounts; and, make payment arrangements.
5. Have a yard/garage sale. Get rid of items that you no longer use or need.
6. An additional job is a consideration until your finances are stable.
In the Word of God, we are told to owe nothing to any individual. Our connection to God is interrupted when our minds are consumed with mounting debt. In addition, we are unable to enjoy the blessings of peace that comes from serving God. Thankfully, the God that we serve has promised to never leave us or forsake us. There is no situation that God cannot fix. Prayer is foremost when we are attempting lifestyle changes. With Divine intervention, we can eliminate undesirable debt, and be healed from the 3Ds.
Prayer for today: Dear God, I have mismanaged the resources that you have given me and I am in debt. I ask you to help me to develop a plan to get rid of this unnecessary debt and to spend my money wisely. Amen.
Sonya Johnson Ruiz