Debt is Not Your Friend

The sermon on Sunday continues a series on managing our money in biblical ways. Getting a handle on debt is vital to honoring God with your whole life. The Bible says, "The rich rule over the poor, and the borrower is servant to the lender" (Proverbs 22:7, NIV). The word translated "servant" could also be translated "slave." Debt is a cruel master and it does tell us what we can and can't do.

Here's a counter-cultural statement: "Debt is not your friend." Lot’s of people want you to believe debt is your friend. It enables you to buy a house and a car and lots of other stuff. It must be your friend…right? That line of thinking is why you may be a slave to debt. If you are going to defeat the debt monster you have to come to believe that debt is your enemy and you must attack it.

If you are in debt let me make some suggestions:

• Make a commitment…in writing to yourself, your family (if you have one), and to God that you will begin today to climb out of your financial hole.
  
• Find a plan that works for you and stick to it. We are offering Financial Peace University as a great way. There are other such resources too. You need a plan.


• Spending money can become an addiction…a way to medicate pain. Seek help with your pain.


• Give up your credit cards if you are not paying them off at the end of the month or not aggressively paying them down.


• Identify your addictions and put that money toward debt reduction – Starbucks, Diet Coke…the big money for debt reduction is in the little money.


• Record every penny in a spending log. You can't get a handle on debt until you know where your money is going. See the truth, evaluate it. Develop a strategy. Most money problems come from troubles with the “miscellaneous” budget category.


• Commit to a 30 day extra purchase wait list. Impulse purchases are a huge contributor to debt.


• Do for yourself what you are currently paying someone else to do such as yard, house cleaning, storage building rentals, etc.


• Determine the difference between needs and wants.


• Take full responsibility for your own financial future. Don't blame everyone else.