Part 2 – Getting Out – The Radical Approach
Why Get Out of Debt?
- It hinders us from being able to give generously
- When you are paying 18% interest on top of the principal, it is difficult to have anything to share with others.
- It is wasteful! The interest we pay on our credit cards is totally wasted.
- The balance is probably there because you were not following God’s plan for your finances.
How to Get Out
- You must be radical! Matthew 5:29-30
- Seek advice! Proverbs 15:22
- Cut up all of your credit cards!
- Call your credit card companies and cancel the accounts
- Cut out ALL unnecessary expenditures
- Cable TV, newspapers, internet access
- Work out your debt snowball
- List your debts, smallest to largest
- Pay minimums on everything except the smallest debt. Put every extra penny you have toward paying off this debt.
- When the smallest is paid, roll everything over to the next debt.
- Commit your plan to the Lord! (Psalm 127:1-2)
- Finish the Job Luke 14:28-30
- Let Godly sorrow lead you to repentance (2 Corinthians 7:10-11
- You must take responsibility for your debts.
- Are you in sinful or foolish debt? If so, why?
- Are you willing to apply these principles to get out of debt?
- What will be the hardest thing for you to change to get out of debt?
- Who will help you with your plan?