The Daniel Plan - Finances
a long time ago.
Updated a long time ago.
How much credit card debt in the average American Household?
Average credit card debt: $15,270
Average mortgage debt: $149,925
Average student loan debt: $32,258
What the Bible says about Debt…
The Cost of Debt can be fiscal, spiritual, and physical –
Proverbs 22:7 The rich rule over the poor, and the borrower is slave to the lender.
Romans 13:8 Let no debt remain outstanding…
Scripture says the when you owe, you are a servant or slave to the lender. And we lose the freedom to choose where to spend. It often becomes stressful to be a slave to the lender.
5 Steps to Becoming Debt Free
1. Acknowledge and Believe it all belongs to God
Psalm 24:1 The earth is the Lord’s, and everything in it, the world, and all who live in it;
2. Stop Borrowing
Sounds easy enough, but if it were, everyone would do it. But, it really is the first step. You have to stop.
3. Make and Follow a Spending Plan
4. Develop a Debt Pay Off Plan
5. Trust God