Do Something Radical - Become Debt Free
2 Kings 7:-4...
And if we stay here, we will die.
So let's go over to the camp of the Arameans and surrender.
If they spare us, we live; if they kill us, then we die.
When you really think about it there is nothing more disabling to your financial life than debt.
Debt not only robs you of your hard earned money today but the wealth that you could have created for yourself tomorrow.
Unfortunately, you may feel that it is impossible to live without debt and you won't be alone- as we live in a world were debt is expected and considered unavoidable.
But have you ever wondered what it would be like to be debt free? To be able to go to the post at the end of the month and not be afraid of the bills that are waiting for you! Or being able to answer your telephone with worrying about who is on the other end.
While others may feel that debt free living is something mystical and that it is all right to be stressed out by finances, would not it be great if that was not your normal? Like the lepers in 2 Kings 7 you can decide today that you will not continue to accept the status quo and do something radical- by becoming debt free.
With this one change you will experience changes in every aspect of your life:
" Consumer debt then is any debt that has been incurred for things that will depreciate in value over time; consuming the money that was spent, i.
e.
credit card, furniture and travel, clothing and automobile debt.
While your mortgage may not be included now, once you do not have these other payments you will be able to eliminate this debt as well.
But if you continue to do be a consumer you will never be able to achieve financial independence as "living free of consumer debt" is one of the most important steps toward wise money management and the fast track to wealth creation.
The good news is that it is possible to get out from under that debt! And, once you're out of debt, it's possible to stay out of it for the rest of your life.
However, depending on how much debt you have, it will take some time and effort.
As with breaking any habit, getting out of debt will require some behavioral and belief changes.
This is important, as all too often, persons who find a way to quickly get out of debt eventually gets right back in debt because while their financial picture changed, their beliefs never did.
Remember, it's going to take some time and it's going to require some changes.
Since you are thinking about changing, why do you want to get out of debt? What's your motivation? It's always important to know why you are changing as these will be your motivations during the tough times Once you are debt free what are some financial goals you'd like to accomplish?
Finally, do you know how you got into debt? The answer to this question is also important as it helps you to understand the reason for your debt.
Your debt may have resulted from,! unemployment, medical problems,! divorce, business failure or just simply living beyond my means, which is usually the case.
Now that you know the how you got into debt, why you want to get out and what you will do once you are out.
Here are nine-steps for getting out of consumer debt and staying out forever.
And if we stay here, we will die.
So let's go over to the camp of the Arameans and surrender.
If they spare us, we live; if they kill us, then we die.
When you really think about it there is nothing more disabling to your financial life than debt.
Debt not only robs you of your hard earned money today but the wealth that you could have created for yourself tomorrow.
Unfortunately, you may feel that it is impossible to live without debt and you won't be alone- as we live in a world were debt is expected and considered unavoidable.
But have you ever wondered what it would be like to be debt free? To be able to go to the post at the end of the month and not be afraid of the bills that are waiting for you! Or being able to answer your telephone with worrying about who is on the other end.
While others may feel that debt free living is something mystical and that it is all right to be stressed out by finances, would not it be great if that was not your normal? Like the lepers in 2 Kings 7 you can decide today that you will not continue to accept the status quo and do something radical- by becoming debt free.
With this one change you will experience changes in every aspect of your life:
- Financially, living without consumer debt will makes life a lot easier.
- Emotionally, you will be relieved as a very heavy burden would have been lifted from your shoulders.
- Physically, it is healthier living without debt as emotional stress often manifests itself in physical problems.
- Spiritually, without consumer debt you will find it easier to follow God's plan for your life.
- Living without consumer debt will give you tremendous flexibility.
" Consumer debt then is any debt that has been incurred for things that will depreciate in value over time; consuming the money that was spent, i.
e.
credit card, furniture and travel, clothing and automobile debt.
While your mortgage may not be included now, once you do not have these other payments you will be able to eliminate this debt as well.
But if you continue to do be a consumer you will never be able to achieve financial independence as "living free of consumer debt" is one of the most important steps toward wise money management and the fast track to wealth creation.
The good news is that it is possible to get out from under that debt! And, once you're out of debt, it's possible to stay out of it for the rest of your life.
However, depending on how much debt you have, it will take some time and effort.
As with breaking any habit, getting out of debt will require some behavioral and belief changes.
This is important, as all too often, persons who find a way to quickly get out of debt eventually gets right back in debt because while their financial picture changed, their beliefs never did.
Remember, it's going to take some time and it's going to require some changes.
Since you are thinking about changing, why do you want to get out of debt? What's your motivation? It's always important to know why you are changing as these will be your motivations during the tough times Once you are debt free what are some financial goals you'd like to accomplish?
- Do you have enough Peace of Mind fund? (Money that will pay for life unexpected events, sickness, car trouble, home repairs etc.
- Would you like to save for a car or a down payment on a house?
- What Religious or Charitable Endeavour would you like to support?
Finally, do you know how you got into debt? The answer to this question is also important as it helps you to understand the reason for your debt.
Your debt may have resulted from,! unemployment, medical problems,! divorce, business failure or just simply living beyond my means, which is usually the case.
Now that you know the how you got into debt, why you want to get out and what you will do once you are out.
Here are nine-steps for getting out of consumer debt and staying out forever.
- Make a commitment.
There is something very powerful that occurs when you make a commitment.
Put Your Commitment in Writing.
Once you are committed put it in writing, signing and dating the commitment you have made.
Then take it a step further share it with a trusted friend or close relative and ask them to help keep you accountable to your goal of being debt free.
- Find out where you are right now.
In order to get to where you're going, you need to be clear about where you are and how much you owe.
List each one of your creditors, the total amount owed, and the minimum monthly payment along with the interest rate.
- Prioritize.
Prioritize your debt with 1for the lowest balance, a 2 for the next right on up to the highest balance.
For debts of similar balances, choose the one with the higher interest rate as the higher priority debt.
- Create a spending plan.
The key to getting out of debt is paying more than the minimum payments.
Your spending plan and money management skills will help you to find the extra money to put towards your debt.
- Just Do It.
No more talking, take action.
Remember that knowledge is not power, it acting on that knowledge that produces power! Pay off the debt with the lowest balance first.
Once that debt is paid then take the full amount you were paying on that debt and roll it into the next debt and then the next until your done.
- Keep Going.
You will have challenges but do not allow these to deter you.
Keep focus on your goal and keep moving.
- Save some money.
Be sure to have at least one month's worth of living expenses in a peace of mind account before you start - Be a good steward.
Live up to your commitment to your local church and God will establish your plan.
