Posted by Chuck Bentley

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HOTW_July9Over the years, I have known thousands of folks who have become debt free.  I have never met anyone who regretted it.  Now, true debt is borrowing money that you have no way of paying it back. It is debt backed by nothing more than your commitment or integrity.  That is debt you want to get rid of first.  Here is how you do it.

 Take the first bite out of the elephant by saving $1000.  That needs to be done before you start paying off any debt. You need an emergency account, a cushion to stop falling back on credit cards or borrowing from friends, family or the church.  Put $1000 away, even if it is in a cookie jar at home.  Save $1000 cash.

The next bite out of the elephant is to pay off your most expensive debt first. That is the debt with the highest interest.  That is the debt costing you the most money. If you owe a title lender or a payday lender or any credit account that is charging you high interest rates get out of the that trap as soon as possible!  Those forms of borrowing are created to enslave you and should never be used again.  

The third bite out of the elephant is to use the money that is now available from paying off the first debt to pay the next debt.   

Don’t forget. Every worthwhile goal you attempt will be met with resistance and obstacles.  Pray and ask God to give you patience, endurance and a faith that you will not stop until you are debt free. Ready to go?  Take that first bite, then chew, chew, chew until you are free of that elephant of debt!