UNThink MONEY Lesson 2
Debt: The American Bondage Dream

For the most part Americans have bought into the idea that debt is and always will be a part of our lives. However, personal debt is still a relatively new way to finance one’s way of life.

Credit has caused us to live beyond our means! Our forefathers, not too long ago, knew nothing of debt. You paid for what you bought or you bartered for your needs.

The “buy now and pay later” scheme has caught up with many, even Christians. To be a Christian we should be separated from this world’s philosophies, including money and debt; however, we have left the Lord out of our views and beliefs about money!

According to Scriptures we will give an account of the way we use, spend, give and invest money! (Matthew 25:14-30)

A. Identify the Enemy
According to Dave Ramsey, “the key to winning any battle is to identify the enemy”. For the Christian and finances, debt is the enemy. We must become passionate about getting out of debt.

B. Get on Board
Now is the time to get on board, to eliminate debt and live free from the bondage that debt brings. Getting on board requires commitment. For a family, it requires the commitment of both husband and wife. No family ever gets out of debt without a lot of effort on the part of both. To build a financially secure future for your family, it is absolutely necessary to regain control of your income.

C. Set a Budget
We will study more on setting a budget, however, for now you must know where your money is going and only a budget will guide you to discover the sometimes ugly truth! Make a simple budget to begin with and make it your financial guide to live by.

D. You must have a plan.
The plan endorsed by Mr. Thom Kimmel is the best, most effective plan to get out of debt. The plan is simple. List all your debt by balance due with the smallest balance at the top. I recommend that you do not list your primary home mortgage on this list at this time. You pay the monthly due amount on all debt, then you pay extra (all the extra) you can on the smallest balance until it is paid off. Then you tackle the second debt and add all the money you were paying on debt #1 to debt #2 plus your regular money payment. Most everyone, according to Thom Kimmel, can be out of debt - including the primary home mortgage in 7 years.!

If it is more blessed to give than to receive - and it is, then with debt reduced and then eliminated we can give and give and be blessed and blessed! “God tends to pour blessings on people going in a direction He wants them to go.” - Dave Ramsey

“What’s in your wallet?” You presently may have to say plastic, but with a proven plan, one day you can answer MONEY!!!

Quick Thought: Ways To Waste Your Money. Carry a balance on a credit card. If you have a $1000 balance on a credit card charging 18%, you blow $180 away every year on interest! You can support a National missionary in India for six months for $180. You answer the question, “In what way is the Lord honored?” Giving to missions is more honorable than giving it to Capital One!