God’s Plan Is Freedom – A Practical Guide To Getting Rid Of Debt
Do you know of anyone that wants to be in bondage? Honestly, who wants to be a slave? You may not know this, but in America, the country known for freedom, there are many people that are in bondage. Yes, they have a job, a home, and a family. From the outside, one would think that they have it good. Yet, behind closed doors, there is pain, hurt, and a spirit of bondage.
What causes this bondage? Well, there are many types of bondage. For instance, there is the bondage of sin. We are all born with it, and until we come to Christ, we will always be under that bondage. That is why Jesus came to this world, it was to set mankind free from that bondage. In fact, one of my favorite preachers made this statement concerning the bondage and debt of sin:
God hates debt so much that He sent His only begotten Son to pay our debt of sin
~ Dr. Phil Kidd
While our sin has been paid for by Jesus Christ, there are still other debts in life which God desires us to be free from. With the exception of immorality (adultery), finances have played a role in causing many homes to end in divorce.
There is a level of stress that comes when one has a lack of finances. What often drives the stress even higher is that the problem of finances is the result of poor spending habits. When God created mankind, He created us for freedom to serve Him as He leads. We, as humans, often cause a hindrance to God’s plan because of our pride and a neglect of following the principles of God.
In the Bible, there are principles of God that teach how a person can become free in the area of finances. To do so, there must be a recognition of that which is causing us to be in bondage. What is that bondage? Debt!
There are many reasons a person falls prey to debt and becomes a slave in the area of finances, some of which are:
- Foolish spending
- Lack of priorities
- Medical expenses
- Unexpected burdens
The list can go on and on. Overall, we have become a society that pays with credit. Before we can pay the previous debt, another situation arises, leading to further debt. Before long, there is a pile of bills that come every month, leaving a majority of our income just to pay off debts. Combine that with general living expenses, the “quality” of American living, the interest rates and late fee’s…and we become a people in bondage.
We are left to wander in life from one burden to the next. Is this all life is? Living to pay debt? I would contend that there is more to life than living to pay off debts. There must be a shift in life and priorities.
I am a firm believer in giving to God, no matter what bills or debts we may have. There have been times in our life when the tithe took away from our family’s needs. Did we go without food? Did we go into foreclosure? Did our children sleep in a cold home with no water or electricity? NO!
Why? Because our tithe was in obedience to God. We trust God more than we trust a bank. That trust and faith has ALWAYS been honored by God. Yes, times have been slim, but God has always come through for our family.
When we tithe, we are putting God first. Normally, when a person has financial problems, they make excuses as to why they cannot tithe. There are no excuses. God expects obedience. At the same time, He blesses those who follow and trust Him with all their heart.
Once we get our priorities settled, then the next step to seeking financial freedom is to begin the process of eliminating our expenses. Does that mean we must cut everything out in life? No. We need to tackle that pile of bills. I have a simple method of paying off bills that has worked in our life time and time again.
So let’s say we have the following bills:
Credit Card #1 Amount Owed: $8,000 Minimum Amount Due: $75
Medical Bill Amount Owed: $7,500 Minimum Amount Due: $100
In the above scenario, we can make the following observation: $535/mo is the bare minimum needed to pay off these bills. It can also be noted that, if one pays the minimum amount, then they can be stuck in this debt for several years, given that one does not increase the amount of debt. Looking at this situation, this is how I would handle it:
- Place these bills before myself and ask God to help me be wise with my finances (God must be first)
- I would cut out some extra expenses, such as sodas, coffee, newspaper, TV channels, cell phone add-ons, or whatever else is a luxury and not a need.
- Using the extra amount of money saved as a result of not being as luxurious, I would add that money towards Credit Card #2 (the smallest debt). This would result in paying about $90/mo instead of $60. This will increase the speed of paying this bill off.
- If I were to land on some “extra” cash, it would go directly toward Credit Card #2.
- I would then pay the minimum due for the rest.
- Once Credit Card #2 is paid off, I would then apply the amount I was paying on Credit Card #2 toward the Medical Bill (the 2nd smallest debt).
- I am free from one debt, so I will use that extra money to work on the second smallest debt, the Medical Bill. This means that I will pay $160/ mo at minimum. If I am still with holding small luxuries, then I could realistically pay about $200/mo toward this bill. The result is an even faster pay down time for this bill.
- While still paying the minimum on the other debts, I would pay off the medical bill faster.
- Once the Medical Bill is paid off, I would then apply the amount I was paying toward the Medical Bill ($200/mo) toward Credit Card #1. This would allow me to pay $275/mo. If you are not adding any debt, imagine how fast you could pay off Credit Card #1.
- Once Credit Card #1 is paid off, then I would apply $275/mo toward the Car Loan payment. This would mean that if I didn’t go back to my “luxurious” life, I could be paying $575/mo toward the car loan.
- The debt is paid (about 2-3 years)
I know this isn’t an exciting, money making scheme, but it is diligence that can be proven true. We did this for one year and paid 70% of our debts.
While this debt elimination process is going on, you could find ways to increase your income. There are many ways to do this. I came to the conclusion that if we are to truly become Christian Entrepreneurs, then we must make the shift by having our money work for us, rather than working for our money.
When we work for our money, we are again, in bondage. Money is our king, and we are it’s slaves. When we make the shift, and develop ways for our money to work for us, then we become free from that bondage. Making this shift is the result of a change of mind, leading to a change of choices. We have been groomed to think that money is bad, and to have a lot of it means that we are immoral and greedy. Really, the reason a person has more finances than others is not the result of greed, but of being wise with money. We should never punish people for being good stewards of God’s Money.
As for me, I am a Christian Internet Marketer. I have been using the internet to provide for my family for the last 5 years. No, I am not involved in network marketing. No, this is not a pitch for a pyramid business. I own several websites that I built from scratch. With wisdom from God, I took what God gave me and used it for His glory and to provide for my family.
Why do I bring this up? Because if there is a will, then there is a way. The question is, how strong is you will? Do you have a “WHY“? There are many opportunities out there. We just need to be diligent, have Godly character, and follow a systematic plan.
With that being said, I want to help Christians become internet marketers. To become part of this group of Godly business people, I would encourage you to join our email newsletter by filling out the form below. Every time a new post or podcast is published, you will be notified. If I find a great offer that can help, you will be notified. Also, by getting on the mailing list, you will get our free e-book, Become A Christian Entrepreneur.
So why wait? Take charge of your debt and get on our mailing list today.