Getting Out of Debt


Establish the right motive for getting out of debt, which is to be free and ready to serve God. Then, follow these steps.

“Be still before the LORD and wait patiently for him.” (Psalm 37:7 NIV)

Once you’ve established the right motive for getting out of debt, which is to be free and ready to serve God, pick the first debt you want to pay off. A high-interest debt is always a good one to tackle first. Or, pick the one that’s troubling you most—one that never seems to go away.

Select a realistic date for when you can pay off this debt and make a commitment to someone regarding your goal. Choose someone who will hold you accountable, and ask that person to check in with you and be an encouragement to you—not to embarrass you but to love you when the going gets tough.

Adjust your lifestyle to your goal and eliminate any nonessential spending that could hinder your success. Then, get started.

Make your repayment process “visible” by putting marbles in a jar or using a “countdown” paper chain or placing notes on your bathroom mirror. This will constantly remind you of your progress.

Set target dates for paying off portions of the debt, and when you reach those milestones, give yourself an inexpensive reward.

Don’t be discouraged. Repayment goes faster than you think, and people frequently share stories of how God shortened the time they thought it would take to eliminate their debt. So, stick with it!

Finally, remember that God owns everything. We are only stewards of the resources He entrusts to us. So, be generous and give back to His Kingdom.

Daily Scripture Reading: 

Matthew 9:1-17
Mark 2:1-22
Luke 5:17-39


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Derwin L. Gray
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