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Dealing With Debt  •  Sermon  •  Submitted
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Dealing with Debt:
The rich rules over the poor, And the borrower becomes the lender's slave.
The plans of the diligent lead surely to advantage, But everyone who is hasty comes surely to poverty.
Go to the ant, O sluggard, Observe her ways and be wise, Which, having no chief, Officer or ruler, Prepares her food in the summer And gathers her provision in the harvest.
Admit that you have a problem with debt, so that you can maintain the right attitude and discipline for improving your situation.
Resist impulse buying. You’re on a mission. Those enticing distractions are costly.
Use cash or debit cards and not credit cards. Keep a credit card for emergencies and credit score but only use it if you can pay off the balance in full every bill.
Make power changes by choosing areas where you can cut back to pay off debt faster.
Prioritize debts by making such as late payments first. Next, pay off debt with small balances or with the highest interest rates.
Never pay full price when shopping. Do research and find competitors, wait for the item to go on sale, use coupons or resist buying the item.
Use free and trustworthy tools, like or grocery store loyalty cards, to get cash back and/or discounts on needed purchases. Don’t use these perks for un-budgeted items.
Create an annual, quarterly or monthly habit of selling or donating goods that you no longer need.
Negotiate to eliminate current debt. Call your creditors and lenders and create opportunities to pay off less debt sooner.
Never feel pressured to make money decisions immediately. If a store, a lender or an investor is pressuring you to make a quick decision, that may be a strong indication that the deal is not in your financial favor.
When making a major purchase, such as a car, consider first if you can buy a used item instead of a new one.
Stop buying expensive gifts if they are not in your budget or if you are doing it for reasons such as to impress people. “It’s the thought that counts” is often true and many people appreciate home-made, original or thoughtful gifts more than pricey ones.
Reconsider your living arrangements to save money. If you are single, can you get a roommate? If you are renting, might you pay less on a mortgage? Can you do with less space? Can you find a nice place in a cheaper town?
Make a habit of reviewing your monthly bills to ensure you’ve been charged properly. Look for areas where you may find savings, such as cutting down on gas or electric use.
If you have children, consider changes that could save you money such as moving to a town with excellent public schools or having a live-in family member to provide daycare.
How to deal with debt in three simple steps:
1) List your debts in order from smallest total payoff balance to the largest.
Don't worry about the interest rate, unless two of the debts have a similar payoff balance. In that case, pay off the one with the highest interest rate first.
2) Get your debt snowball rolling by paying as much as you can on the smallest balance.
Only make minimum payments on all the other debts and put everything you can into the first debt. When you knock one out, cross it off. This will show you how close you are to becoming debt-free and keep you fired up!
3) Once you've paid something off, move on to the next debt on the list.
As the payments roll over, watch how fast your payoffs grow. You can be out of debt sooner than you think. Three Ways to Deal with Debt:
Step One: Budgeting.
1 Corinthians 4:2 NRSV
Moreover, it is required of stewards that they be found trustworthy.
Proverbs 6:6–8 NRSV
Go to the ant, you lazybones; consider its ways, and be wise. Without having any chief or officer or ruler, it prepares its food in summer, and gathers its sustenance in harvest.
James 1:5 NRSV
If any of you is lacking in wisdom, ask God, who gives to all generously and ungrudgingly, and it will be given you.
Step Two: Building
1 Timothy 5:8 NRSV
And whoever does not provide for relatives, and especially for family members, has denied the faith and is worse than an unbeliever.
Colossians 3:2 NRSV
Set your minds on things that are above, not on things that are on earth,
Proverbs 13:22 NRSV
The good leave an inheritance to their children’s children, but the sinner’s wealth is laid up for the righteous.
Step Three: Buying
Proverbs 22:7
Proverbs 22:7 NRSV
The rich rules over the poor, and the borrower is the slave of the lender.
Proverbs 12:15 NRSV
Fools think their own way is right, but the wise listen to advice.
Ask yourself these questions before purchasing:
Would I come back in 24hrs for this same item?
How will my life be better because of it?
Do I really need it?
What do I need it for?
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