Financial Stress

I keep wondering every day if the economic news will get better or worse. I've been trying to make our economy here in MI a matter of daily prayer. I hope you are too. I'm praying for specific people I know out of work as well as the welfare of the whole state. One thing that has happened in all of our lives is the awareness of debt.



Maybe this current crisis is a great wake up moment for us to give top priority to eliminating debt in our lives. We cannot count on income just flowing in as we once did. Colleen and I have been trying to take Dave Ramsey's principles of debt elimination to heart. We do not have credit card debt and only one car payment, but with college costs and a mortgage, it is very challenging.



I think one of the major reasons to eliminate debt is to feel that sense of freedom that comes with reduced stress. Plus, most of us want to be more generous. Debt strangles us from being able to give to God and to other people with more abandon. Let me suggest some ways that we are going about this.



1. Make a irreversible decision to get out of debt. I heard on the radio the other day about a company that helps you get out from under your credit card debt without much of a repayment at all. I was troubled. The Bible says that the wicked do not repay their debts. We know that God doesn't bless the wicked! Doesn't it make sense to make a plan to do so? Wouldn't it be a better feeling in the end to repay, not to retreat?



2. Give to God and yourself. Ramsey's course talks about paying down debt before you save (more than your emergency fund). I totally agree with that. Paying off debt has a double pay off though. You can begin to pay yourself. Paying God is a priority from the beginning. Many people can't figure out why they are in such tough shape, but they've been ignoring God or cheating God for years. God blesses a heart who loves Him and wants to eliminate the slavery of debt.



3. Go through your stuff and write it all down. You are probably worth more than you know. We recently spent an entire Saturday writing down all of our assets and all of our income streams and all of our expenses. I wanted to quit several times, but we plugged ahead and now feel better organized than ever.



4. Sell some stuff. One good way to get out of debt is to sell some things. Nothing is off the table. You may have to sell your car and get a less expensive one. It's worth it. Never let a possession become an idol.



5. Target a pay off date. It helps to have a plan to make it happen. How fast can you pay off the debt if you really snowball the payments?



6. Resist buying more stuff while you're in the process. I kept looking at a new set of furniture even while we were busy trying to make a plan for our debt. That was just wrong. Be strong. Say no.



7. Contact your creditors and share the plan. If they find out you intend to pay, they may not call you every day or turn you over to a collection agency. This is a way of helping an enemy to become a friend.



8. Stay with the plan. The Bible says that the "borrower is the slave to the lender." Get out of slavery once and for all. Drive cheaper cars. Pay off college as you go. Be careful of "buy now, pay later" plans. Make God a priority.



I know that God is concerned about every detail of my life, and yours too. What if we began to make debt freedom a matter of fasting and prayer? I wonder what God would do? God will honor your sincerity in this matter. Let's continue to pray for people in our lives with joblessness. Let's continue to pray for our state, our nation, and the whole globe.



Brad