Many Christians are in bondage to creditors due to large debts. Borrowing to try to keep up with the people around them and society in general has wrecked their will power, discipline, and trust in God. The LORD provides many things for us to enjoy, yet He warns us in scripture that enjoyment will not be the result when we take on debt to get things. In fact, bondage, headache, and heartache are often the result of a lifestyle maintained via debt. The risk you take on is far greater than most people realize because creditors will come calling even when situations have occurred in your life that put you in a poor position to pay what you owe. The ever-increasing millions of repossessions, foreclosures, and bankruptcies that occur in our country every year are due to people not being able to pay debts they willingly incurred.
Debt-free living is an essential part of God’s plan for your life because debt hinders your ability to prosper in that:
• You most often borrow to spend money you do not currently have to purchase items that depreciate. Thus, steadily reducing your net-worth.
• Finance charges on the borrowed money is often much higher than interest you will earn on savings.
• There is no guarantee your income won’t be interrupted before the loan is paid off disabling your ability to pay the monthly payment and thrusting you into repossession, foreclosure, and/or bankruptcy.
• You’re cosigning loans for people who have no current assets to cover the full amount of the material thing they desire and for which you have no ownership. In the vast majority of cases, they will stop paying on the loan and the creditors will come after you.
• There is no guarantee borrowed money will result in a far greater stream of income.
Unfortunately, most of us had not been taught these things when growing up and we engaged them only to later realize the problems that result. Thus, a critical part of successful financial planning is creation of and regular adherence to a budget focused on debt elimination because this is necessary to take you to debt-free living and greater net worth. By having this God instructed focus you will find throughout the rest of your life that you are able to pursue your true purpose and calling instead of a lifetime of pressing to get and maintain material things and experiences that will not matter when you stand before God and must answer to Him for how you spent your life.
You will not miss out on anything that was needed or truly important. In addition, trusting the LORD in this way throughout this process and your life by obeying His instruction will allow Him to bless and reward you with desires He knows are most meaningful to you without you putting shackles on your wrists and ankles in order to get them.
Your financial situation will not improve as long as you have debts (liabilities) with higher principle balances and finance charges than you have assets and investment growth. You must do what is necessary to make asset and investment growth of greater importance while ensuring that you never put yourself in a financial position where you may be tempted not to honor God with the first fruits of your increase and let everything else flow from that heart and mindset. Otherwise, you will shut down the supernatural river of peace, joy, and prosperity that God provides to faithful people. Eliminating debt in pursuit of debt-free living is the way you make such necessary financial improvement.
Please pray for this ministry and email me with any questions. May the LORD bless you richly as you follow His plan!
Deuteronomy 15:7-11, 28:12-14, Proverbs 22:7, Romans 13:8
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