I know that if you read books, it states there is good debt and bad debt. Let me say this – Debt can be the enemy of your finances and future if you do not control it. There is nothing good about debt. Debt is not your friend. Don’t even let it in your house. I am talking about the type of debt that we build up for our own pleasures such as credit cards, department store cards, personal loans, and etc. Sometime our house mortgage can be a pleasure if we are not careful.
In Romans 13:8, it says owe no man nothing but love. I know this is strange but the only cure for having debt is to replace it with love. The bible never says that you could not have debt. It specifically says that if you have debt; you should pay it back. I believe that we have the power to get out of debt if we desire. Getting out of debt is the plan of God. God never wanted you to become indebted to someone else. He wants you free to do other things.
Once we get out of debt, we can do things with our finances that we never thought of. We can take vacations, save for retirement, invest, save for major purchases, and give. When we conquer debt, we are free. Proverbs 22:7 says just as the rich rule the poor, so the borrower is servant to the lender. Becoming subservient to the lender is not the desired result because the lender can control you anytime.
How do you know if debt is a problem? Proverbs 10:22 says the blessing of the Lord makes a person rich, and he adds no sorrow with it. If your debt is causing pain, sickness, sleepless nights, irritation, anger, and worry, it is not a blessing. If you are serious about removing debt do the following:
1. Compile a list of all the debts from the smallest to the largest
2. Cut up all your credits cards that has put you in trouble
3. Pay off debt starting with the smallest balance
4. Consider selling something if need to (Read 2 Kings 4:1-7 for understanding)
5. Pay off debt for someone else
6. Be patient
You can get out of debt to discard its fashion.