Debt management is a critical part of successful financial planning, yet many Christians do not properly manage their income and spending to reduce their debt load and facilitate a financially healthy life that includes a long-term build up of wealth.
This new type of financial life helps you by reducing stress caused by poor financial condition and lack of ability to pay creditors what is owed. It is also helpful in properly caring for your family, in teaching and exampling for them boundaries that need to be maintained so that you and they can be all God made them to be, and in communicating monetarily to the needs of others God placed in your life.
In order to live in the Lord’s debt-free plan for His people, you must use biblical principles. This recognizes that you will not mimic the mindset and attitudes of the world concerning money and how it says one becomes successful and rich. Your heart, thoughts, and actions change from your old ways and gravitate to finding out the principles of God while line by line, precept by precept employing them now in order to be a good steward of the treasure God entrusts to you.
The heart / mind of Christ makes you realize that most debt is terrible for your life because:
1. The bible speaks negatively of borrowing / debt in most every instance.
2. When things get tight you may ultimately decide to pay the man you can see (the creditor) instead of paying tithes to the God you cannot see. This shuts down the flow of supernatural blessing, reward, peace, and joy that He wants to come your way.
3. The borrowed money will not be used to create greater income streams.
4. You would be borrowing money to spend what you do not currently have in cash.
5. There’s no guarantee that you won’t be laid off or fired or your income won’t be reduced before the loan is paid off.
6. You would be acting on presumption not faith.
7. You most often would be borrowing money to purchase desires.
8. Finance charges on the borrowed money will most often be much higher than interest you will earn on savings.
9. Taking on debt reduces your net-worth.
10. Cosigning a note for a family member or friend who has no current cash to purchase their desires is a recipe for failure because most of them will never pay off the loan and will leave you holding the bag.
Your financial situation cannot improve as long as you continue to borrow and take on more debt with higher finance charges than your investment earnings. Borrowing money wrecks your will power, your financial discipline, and your trust in God to provide your needs.
When you do not have cash from an emergency fund or money designated within your budget to purchase things that you believe you need or desire, have faith enough to believe that God will supply all your need and refuse to go to the pit of debt that scripture often describes as a curse and bondage. Do without that product or service until He comes through with the extra cash for you to buy it or provides it as a gift from a person or organization. You will find that the Lord will come through with exactly what you need and that, in most instances, you really didn’t need what you thought you did.
Please pray for this ministry and email any questions. May God bless you richly as you follow His plan!!!
Deuteronomy 15:7 and 28:12, Proverbs 22:7, Romans 13:8, 1 Timothy 6:6-10
Please forward these bondage breaking articles to other people who can use helpful insight!!!
You can find books authored by Randy and Karen Parlor at www.Amazon.com
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