Recovery Road – The Debt Bet

What if the recovery could start with us? We are diving into spiritual principles gleaned from the Scriptures and applied in Dave Ramsey’s Financial Peace University. These principles have helped millions of people become debt free, build financial resources, and gain traction on the road to recovery.

This week John Burke shared some of the following thoughts:

Spiritually growing people should feel increasing freedom. Finances are not usually a money problem, but at the root it’s a spiritual problem. Until we tackle the underlying spiritual issues that keep us from financial freedom, we’re not going to experience true freedom.

Here are some principles for getting out of debt from Dave Ramsey’s Financial Peace University:

1. Stop Borrowing – We have grown up accustomed to debt not realizing that ‘the borrower is slave to the lender’ (Proverbs 22:7). When asked for the key to financial health, 75% of the 400 wealthiest people in North America said: ‘get out of debt and stay out of debt.’ Credit cards have found we will spend 20% more when we use a credit card than we would if we didn’t. McDonald’s has discovered that we will spend 47% more on food when using a credit card.

2. Save $1000 – Have money ready in case of an emergency. ‘They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine.’ – Genesis 41:35-36

3. Debt Snowball – Often the issue is about getting motivated rather than having knowledge. We know we should pay off our debts, but we seem to have a hard time getting started. Put together all your debts and start paying them off from the smallest to the largest (rather than trying to pay off the 0nes with the highest interest rate or the ones with the largest balance). Once we get into the habit of paying off debts (no matter how small), we gain the confidence to keep making the right choices to pay off even more.

4. Sell Something – We spend a ridiculous amount of money storing things we do not use. Sell stuff on e-bay or craigslist and apply those funds towards paying off even more debt.

5. Get a part time job – For a season, work more hours outside of your current job to pay off even more debt. If you don’t have a job, check out for some free resources on finding a job.

6. Pray for freedom – God cares for us and is there to help us. We can trust Him! ‘So do not worry, saying, “What shall we eat?” or “What shall we drink?” or “What shall we wear?” For the pagans run after all these things, and your heavenly Father knows that you need them. But seek first his kingdom and his righteousness, and all these things will be given to you as well.’ – Matthew 6:31-33″

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