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Day 11 – Dealing With Debt

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.

Questions

  1. Are you in sinful or foolish debt? If so, why?
  2. Are you willing to apply these principles to get out of debt?
  3. What will be the hardest thing for you to change to get out of debt?
  4. Who will help you with your plan?
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