Break Free of Debt
Are you ready to get out of debt?
A Former Chess Grand Master said, “It’s not your salary that makes you rich, it’s your spending habits.” You see, lifestyles determine spending habits which determine the kind of stewards we really are. So how about you? Most Americans are trapped in a lifestyle of debt and don’t know how to break free. Since I’ve never met anyone who’s regretted getting out of debt, let’s talk solutions! Before you take the offense, build up your defense with a savings account. With at least $1,000 set aside for emergencies only, you’re less likely to add to your existing debt. Now, get organized and plan your payoff. The ‘Debt snowball’ method works by paying off your smallest debt as quickly as possible. This frees up money to apply to the next smallest and so on until they’re all paid. Organize bills from smallest to largest. Then apply extra money towards this debt.
Now the ‘Avalanche’ method involves organizing bills by interest rates. Apply extra money to pay off the highest interest-bearing debt first. Then attack the next one and so on. Calculators on Crown’s website will generate a payment plan for you. Print and post it to keep you motivated. Final payment days are victory milestones that deserve a cash-paid celebration! Your goals will likely be met with resistance and obstacles. So ask God to grant you the faith to patiently endure until you’re debt free. Proverbs 21:5 says, “Steady plodding brings prosperity.” May that be your experience this year!
And if you feel trapped in a cycle of credit card debt, Christian Credit Counselors can really help. They’ll create a debt management plan specifically for your needs. For more information visit crown.org/ccc.