Eliminating debt enhances your short and long-term financial condition by positioning you to set aside huge portions of your income for wealth building endeavors (saving, investing, and entrepreneurship). This focus stops you from engaging a “spend first” mentality and moves you away from immediately seeking a way to fulfill your desires. It puts you in a place where you get all His desires for you in His timing, per His plan and purposes for your life, calling, career, etc. Aren’t His desires and timing better than anything you could imagine for yourself?
While engaging this process, continually honor the LORD by tithing and offering because these practices contain supernatural power to open the windows of Heaven to bring you great blessing you could not muster on your own and they are essential for providing for yourself, family, the Church, and others in the manner He desires. Abundant giving and debt elimination do not eradicate your ability to be fruitful and prosper like some naysayers suppose. Rather, these spiritual practices please the LORD even though the pathway they are on are different than the pathway many of your peers take. The biblically-based path requires faith, obedience, and fortitude to engage. Regardless of how the math might look on paper, following this path results in a far greater ability to draw money and resources to you to help pay off debt much faster than you otherwise could while producing excitement in your life because you are partnered with the LORD to bring about His will in the earth and fulfill your purpose.
Paying off your remaining mortgage and car note when you have money sitting around earning very little interest is a wise practice that produces great financial blessings for you. When you do not have enough money to immediately pay off your entire mortgage, quickly talk to financial institution officers about refinancing your home and car at the lowest possible interest rate and closing cost. Perform necessary calculations to ensure the monthly savings you obtain via the reduced monthly mortgage and car payment will totally recoup the refinance costs within the number of years you plan to keep the house and car. Go the extra mile and ask the officer to provide you with a no cost or very low cost refinance. Sometimes you ‘have not’ simply because you ‘ask not!’
When you are in a very tight financial position with little emergency funds, and extra income and drastically reduced monthly expenses do not seem to be an option you can quickly engage, it could be best to sell your current home and car to more quickly eliminate debt and stay in a debt-free financial position, especially when you can get another suitable home and transportation at a much lower monthly payment including monthly maintenance costs. This is only a temporary position because your new debt-free position will allow you to aggressively save money to get a much better home and car without mortgage payments that strangle your financial future. This type of focused debt elimination will cause super and natural blessings to overflow throughout your life.
Please pray for this ministry and email any questions. May the LORD bless you richly as you follow His plan!
Deuteronomy 28:12, Proverbs 22:7, Luke 16:8-10, Romans 13:8, Ephesians 5:15-17
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