Quiet Time Notes

Dealing With Debt (Part II)

1. Why Get Out of Debt?
   1. It hinders us from being able to give generously. When we are paying 18%+ interest on top of the principal, it is difficult to have anything left to share with others.
   2. It is wasteful. The exorbitant interest we pay on our credit cards is totally wasted.
   3. The balance is probably there because you were not following God's plan for your finances.
2. How to Get Out
   1. You must be radical (Matthew 5:29-30)
      1. Cut up all your credit cards (if you have outstanding balances that you have not been able to pay off for 3 months or more).
      2. Call your credit card companies and cancel the accounts.
      3. Work out your budget with the goal of removing your debt. Do not buy anything that is not necessary. Cut all unnecessary expenditures out of your budget (e.g. cable TV, newspaper).
      4. Get input (Proverbs 15:22)
      5. Commit your plan to the Lord (Psalms 127:1-2)
   2. Finish the job (Luke 14:28-30)
      1. Let godly sorrow lead you to repentance (2 Corinthians 7:10-11). You must take responsibility for your debt.

1. Am I in sinful/foolish debt? If so, why?
2. Am I willing to apply the principles set forth to get out of debt?
3. What will be the hardest thing for me to change to get out of debt?
4. Who do I know that will be able to help me with my plan?