Today, I Have a Simple Debt-Reduction Plan for You
What is the one debt that is worrying you the most right now? Take a minute to think of it. Got your answer? Now, I want you to make a plan to get rid of that debt. The one that keeps hanging over your head and keeping you awake a night. Here’s how.
First, write down the name of the company or person that you owe and the full amount of the debt. Be honest and don’t keep avoiding this one or putting it off.
Next, calculate how much you would need to apply towards this debt to pay it off entirely in the next 7 years. Simply divide the full amount by 84. Let’s say you want to pay off $5,000 in 7 years. If you divide by 84 that means you need to pay $59 per month towards the principle to have it gone by then. So, if you are presently paying a minimum payment on this debt, simply add $59 and accelerate the payoff more quickly.
The next step is the most important. Stop incurring any new debt. You cannot solve a debt problem by creating more debt! Stop digging the hole deeper and make a common-sense plan to fill in the holes you have already dug. One of the benefits of this approach is that you will likely begin to become more disciplined with money and pay off your debts sooner than you think!
Remember this: God does not want you to be a financial slave. He wants you to be free to serve Him. Ask God to help you make progress each month, and don’t give up. It took you a while to get into this mess and it will take you a while to get out. Now go for it!
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