10 Biblical steps to getting out of debt

ItsNewDay Back at the beginning of “The Great Recession” in early 2009, our church went through a study on how to get out of debt, using the teaching materials of Crown Financial Ministry. Here is a summary of 10 wise and Bible-based principles for getting out of debt:

1. Pray for God’s provision (see 2 Kings 4:1-7 for an example).

2. Start giving regularly (Malachi 3:8-10).

3. Don’t go further into debt. Stop charging with credit cards!

4. Establish a written spending plan by writing down every penny that you spend for a month, and then developing a spending plan that is realistic and living within your means.

5. Open a savings account and contribute faithfully to it until you have $1,000 in savings for emergencies. (This prevents further debt because you can use your savings for unexpected expenses.)

6. List everything you own and see if you can sell unnecessary assets to eliminate debt (Proverbs 27:23).

7. Make a list of everything you owe.

8. Establish a debt repayment schedule. Pay off the smallest debts with the highest interest first. When that debt is paid, apply that payment amount to the next second debt, and so on. See Crown Financial Ministries for free calculators and tools that can help at www.crown.org/Tools/Calculators.

9. Consider earning additional income.

10. Consider a radical change in your lifestyle (Romans 12:1-2).

Advertisements

About Bob Rogers

Hospital chaplain in Mississippi. Formerly a pastor for 33 years in Mississippi and Georgia. Historian and avid cyclist.

Posted on May 28, 2013, in Books, Christian Living and tagged , , , , . Bookmark the permalink. 2 Comments.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: