Getting Out of Debt Before it Overwhelms You

Consumer debt is like a cancer. Consumer debt is like termites. They are working their pain beyond the notice of the outside world. While they eat away at the infrastructure of our bodies and homes, we often go about life unaware.

BY: Chad Hovind


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You may feel overwhelmed. It may feel more like an elephant on your chest than a cancer in your checkbook. How do you eat an elephant? One bite at a time. Begin by freeing up income. Sell stuff in the attic, the basement, etc. Have a garage sale. Take out a part time job. Get more income. Then aim the income at the credit card with the lowest balance. Make a plan to pay it off in less than a year. Take all extra income and attack with full force. Each month as you see the balance go down, celebrate and use that emotion to stay the course. Sell more unused stuff. Keep the part time job. Once that card is paid off, take all the money that was “servicing the first card” and aim it at the second. (After you cut up the first card and never use it again.) Here are some Scriptures to meditate on as you crawl toward freedom.


What Does The Bible Say About Debt?

The borrower is slave to the lender. When you are in debt to another, you enter into a slave/master relationship with your creditor. (Proverbs 22:7) You can get out, so work your way to freedom.

God wants us to lend to others. Obviously, this is difficult if you don’t have anything to lend (Deuteronomy 15:6, 28:12, Matthew 5:42). The goal is to get to the place you can give and lend to others to bless them. Your hard work now can result in blessing many in the next chapter.

We are required to pay back what we borrowed. It is easy to take this lightly, but if we borrowed it, we should pay it back (Psalm 37:21, Ecclesiastes 5:4). It may not always be possible, but as much as it depends on you, keep your commitments. Make your yes be yes, and your no be no.

One final thought on Macro economics. Just to show you how distant common sense is from common thinking. Imagine your credit card company calling you up and saying, “You are borrowing a lot of money. I don’t think you can make the payments. I’m not sure you will ever pay this off. I am thinking about charging you more monthly fees and a higher interest rate, unless…”

What might this silver bullet of “unless” be? He continues, “We will work with you as long as you promise to keep borrowing more and more money with no limit, no cap, and no ceiling.” You may shake your head in disbelief. I can be a “safer” risk if I borrow indefinitely? Hmmmm? You will feel better about me as a consumer if I consume more? You will trust my judgment on overspending as long as I promise to overspend until the end of time?

You might think you are being punked. You may look around for the Candid Camera. You will be wrong. When you discover the truth, you realize that you are living in Washington D.C. Our government has overspent by trillions and trillions and trillions of dollars.

Continued on page 3: Debt »

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