Are You Debt-stitute?

Description

If you suffer from fear, worry, and stress caused by excessive debt, then likely you are "desti-tute."

You read the title correctly – I did not ask if you were destitute. My question is: Are you debt-stitute – meaning, are you suffering from fear, worry, and stress caused by excessive debt?

A report from the Pew Charitable Trust found that 8 in 10 Americans are in debt (including mortgages), with about 40 percent holding credit card debt. 

The best-case scenario is to never have any consumer debt. That is debt that is not backed by an asset to support the payoff of the debt.  According to the Pew report, 40% of Americans are carrying consumer debt.

In a healthy budget, consumer debt takes up only five percent of income because as debt goes up, options go down.

Proverbs 22:7 notes, “The rich rule over the poor, and the borrower is slave to the lender.”

As Christians, we should avoid being enslaved by any form of bondage.  Satan has trapped many Christians into believing that they cannot live without debt! This is a lie and must be rejected if you are ever going to be free.  Here’s some advice to help you get out of debt-stitution: 

First, stop all unnecessary borrowing. Learn to pay cash. Put the credit cards away and start an emergency savings account. If you absolutely have to borrow some money, before you take on an obligation, calculate your income and the size of the potential debt to be sure you can minimize all borrowing as much as possible and pay it off as quickly as possible.

As long as you believe debt is necessary for you, you will remain in financial slavery. Maybe today is the day you change your mind. Don’t take my word for it. Go to your Bible and read what God’s Word has to say about it. Today could be the day that changes your entire future.

 

Please register for a free account to view this content

We hope you have enjoyed the 10 discipleship resources you have read in the last 30 days.
You have exceeded your 10 piece content limit.
Create a free account today to keep fueling your spiritual journey!

Already a member? Login to iDisciple

Related
Integrity and Character
Daily Disciples
The Prerequisite to Provision
Craig Hill
When He's in Control
Dr. Bill Bright
The Right Motive for Being Financially Free
Chuck Bentley
Seven Principles of Investing
Chuck Bentley
Follow Us

Want to access more exclusive iDisciple content?

Upgrade to a Giving Membership today!

Already a member? Login to iDisciple