MoneyWalk 71 The Best Method For Eliminating Debt

This program will help you undo financial bondage.

Clearly, the LORD’s desire is that you not be a debtor. He blessed us with wisdom that would help us avoid loans and other forms of indebtedness. In order for this wisdom to benefit us, we must choose to walk down His path for our lives versus the path that the enemy wants to lure us down through the examples and advice of worldly men who load themselves down with debt and encourage us to do the same. The Debt Avalanche and Debt Snowball methods are viable for eliminating debts in the shortest possible time.

When using the Avalanche method, you pay only the minimum due on all bills except the one with the highest finance charge and the lowest balance. Place all extra money on this account each pay period until it is paid off. Now, add the monthly payment and all extra money to the minimum payment for the account next in line that now has the highest finance charge and the lowest balance.

When using the Snowball method, you pay only the minimum due on all bills except the one with the smallest overall balance. Place all extra money on this account each pay period until it is paid off. Now, add the monthly payment and all extra money to the minimum payment for the account next in line that now has the smallest balance.

Continue using the approach until all debt is paid off and remember to close each account and cut up the associated credit card once the debt is eliminated. This debt-reduction method works best when you discipline yourself to refuse to take on debt that you cannot immediately pay off in full. Choose not to use credit to purchase anything you do not have cash available right now to cover, except for a house purchase at a reasonable amount in comparison to your stable yearly income and overall wealth.

The Avalanche will get the best financial impact because you will pay less interest to creditors and more quickly eliminate debt. However, the snowball method provides the psychological boost most people need in the beginning of their journey because the quick wins of paying off a couple of debts in a short time period motivates them to continue to pay off loans and stay out of debt.

Intense focus on NOT taking on additional debt along with total debt elimination and maintaining a debt-free life is the process / good stewardship lifestyle that make it possible for you to be what He wants: debt-free, in a financially sound and asset rich position instead of the poverty-stricken position of a borrower. He wants you to release yourself from slavery (bondage) to lenders and to owe no one anything but love. This enables you to carry out His call and purpose for you to evangelize and make disciples of other people and have greater monetary means to help meet the needs of widows, orphans, and those poor & oppressed.

Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!

Deuteronomy 28:12, Psalm 37:21-22, Proverbs 22:7, Luke 16:8, Romans 13:8

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You can find books authored by Randy Parlor and Karen Parlor at

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https://www.amazon.com/s?k=Karen+Parlor&i=stripbooks&ref=nb_sb_noss

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