Steps to Debt Freedom
Are you ready to get out of debt? A Former Chess Grand Master, (Charles A. Jaffe), said, “It’s not your salary that makes you rich, it’s your spending habits.”
Our lifestyles determine our spending habits which determine the kind of stewards we are. Most Americans are trapped in a lifestyle of debt. They are held captive and don’t know how to break free.
God warned “The rich rule over the poor, and the borrower is slave to the lender,” He knew that true freedom would not be experienced while in debt to someone else.
I’ve met people who’ve regretted getting out of the stock market too soon, but I’ve never met anyone who’s regretted getting out of debt. So, let’s talk solutions!
Before you take the offense to pay off your debts, build up your defense with a savings account. With at least $1,000 put aside for emergencies only, you’re less likely to go into debt or add to your existing debt.
Then, get organized and plan your payoff. I recommend the debt snowball method. It works by paying off your smallest debt as quickly as possible to free up extra money to apply to the next smallest and so on – until they’re all paid. Simply organize your debt from smallest to largest and decide how much extra money you can pay towards the debt. The more sacrifices you’re willing to make, like carpooling, cutting cable, or eating at home, the faster your progress will be.
The Debt Snowball Calculator on our website will generate a payment plan and time frame for you to follow. Print it and post in a visible place to keep you motivated. Calendar reminders for final payment days are victory milestones. Plan ahead for a cash-paid celebration!
Your goals will likely be met with resistance and obstacles. Pray and ask God to grant you the faith to patiently endure until you are debt free.
Proverbs 21:5 says, “Steady plodding brings prosperity.” May that be your experience this year so you can know true freedom!
And if you’re ready to make a plan to get out of debt, I want you to experience our 5 Steps to Debt Free Living Course. It’s simple, practical, and biblical. Find it for free at crown.org/debtfree. If you have more questions about money, call us at 800-722-1976 – 800 -722-1976.