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How to Become Debt Free

Becoming debt free is something every Christian can—and should—accomplish. The Bible tells us in Romans 13:8 to “keep out of debt and owe no man anything, except to love on anther…” (The Amplified Bible). In fact, as believers, we should be the lender, not the borrower (Deuteronomy 28:12).

What’s the big deal over borrowing money when all the world seems to be in debt? The problem is just that—debt is part of the world’s system of finance. It’s a system devised by the devil to keep us in bondage to the world (see Deuteronomy 28:15, 43-44; Proverbs 22:7). Jesus, however, has redeemed us from the curse of the law, and we are free to walk in all the blessing of Abraham (Galatians 3:13-14).

You may be thinking: I understand that the Scriptures tell us to get out of debt. But how realistic is it for me to even think about owning a car or a house, or any of the other nice things I want, if I’m not willing to borrow the money to get them?

That’s a good question, and we want to share with you the following powerful truths that we have discovered—and experienced—in God’s Word.

Decide to get out of debt and live debt free.
Start by giving the Word first place in your life, and by making it your final authority. With that, you must decide to obey Romans 13:8 and believe God to be your source for all your needs and desires. Determine to be single-minded (James 1:8, 22-25), and then meditate on the Word (Psalm 1:1-3; Joshua 1:8).

Put God first in your financial affairs.
Decide that no matter what comes your way, you will obey God’s Word and tithe, as well as be a giver (Malachi 3:8-12; 2 Corinthians 9:6-15). Tithing lays the foundation for your financial success. (See the confession about giving below.)

Believe God for your daily bread (Matthew 6:11).
This is the money you need for your household to function every day. Your tithes and giving should be included in this, but don’t cheat yourself. Make sure you also include in this “daily bread” amount some “padding” for other things—such as debt payments, etc.—above your tithes, giving and necessities.

And remember, do not write “hot” checks—checks which your bank balance will not cover. This is fraud.

Get in agreement (Matthew 18:19).
Have your spouse agree with you, and if you are not married, find a strong believer who will agree with you.

Lay hold of it by faith.
Follow the principles set out in Mark 11:23-24. Believe in your heart and confess with your mouth that your needs are met, that you are out of debt, that the windows of heaven are opened to you, that the hundredfold return is yours in this lifetime and that you operate financially according to the wisdom of God. (See Proverbs 2:1-10, 3:13-18.)

Bind the devil in the Name of Jesus (Matthew 18:18; Mark 16:17; James 4:7; Ephesians 6:10-18).
In Jesus’ Name, order Satan and all his forces out of your financial affairs. When you are dealing with a financial matter involving the family, it is important that the husband and/or father—who is responsible as the spiritual head of the home—take the lead in this resistance of the devil’s attacks.

Loose the forces of heaven into your financial affairs (Hebrews 1:14; Psalm 103:20).
The angels of God are your ministering spirits and they too will assist you.

Praise God for the manifestation of His power in your financial affairs (Psalm 9:1-4, 67:5-6, 68:19).
Praise keeps the door to abundance wide open. When the channel between you and God is clear, you can receive His promises.
Finally, it is important to realize—and decide—that you are living to give (Ephesians 4:28). Live on the increase from your giving, that is, reach for the place in your financial life where the income from your job or business becomes your seed for giving.
And as you sow, believe for a hundredfold harvest. You will be a blessing to others and be out of debt. God will bless you and “make all grace abound toward you; that ye, always having all sufficiency in all things, may abound to every good work” (2 Corinthians 9:8).

Your Tax Rebate:
Spend….But Spend Wisely

by Glinda Bridgforth

"Receiving an unexpected windfall is great! But making the same mistakes from the past won't help you reach a new level of financial prosperity in 2008."
—Glinda Bridgforth

One of my favorite mantras is "spend less and save more." As a financial coach who specializes in cash flow and debt management issues, I am always encouraging clients to avoid unnecessary spending. Therefore, the economic stimulus package signed by President Bush on February 13, 2008 left me with conflicted feelings.

The law, which he called a "booster shot" to the economy, is intended for certain individuals to receive a rebate check that should be spent to help ward off a recession. Here's what it involves in a nutshell:

• The current stimulus package is for $150 billion.
• 117 million families will receive checks beginning May 2008.
• Businesses will get $50 billion in incentives for investment purposes and equipment.
• The full rebate to individuals is up to $600.
• The full rebate to couples filing jointly is up to $1,200.
• The full rebate includes $300 per child.
• The rebates apply to individuals earning $75,000 or less and couples earning $150,000 or less.
• Approximately 35 million families earning at least $3,000 (wages, Social Security or disability payments) that paid little, if any, income tax would be eligible for a rebate of $300 for an individual or $600 for a couple.
• You must file a 2007 tax return.

In her latest release, Glinda Bridgforth delivers a power-packed plan for paying down debt, repairing your credit score, and securing your financial freedom—along with a future that makes your heart sing.

bridgforthfinancial.com

What concerns me about the spending emphasis on this money is that excessive spending is why a majority of Americans are living paycheck to paycheck. Also, some people have an "all or nothing" mentality about money. They will spend it all, save it all, or put it all towards debt. If you choose to spend it, I strongly recommend determining the difference between your wants and your needs. For example, a set of new tires for your vehicle is a need if you are riding around on dangerous balled tires. Given the same circumstances, purchasing a flat screen television at this time is definitely a want.

We will all anxiously await the mail and get excited when we receive the rebate checks. But we must also make a wise choice in how we use them. My suggestion would be to consider the "10/30/30/30 Rule." First, tithe 10 percent. Next, split the money three ways: 30 percent should be set aside in savings for future unplanned expenses. For example, a plumbing problem occurs or your refrigerator breaks down. The next 30 percent should be spent, in essence on yourself or to help stimulate the economy. This is where you address your needs and wants. If you are past due on your utilities, get them current. Given the rising cost of food and gasoline, this could be the money to fill your freezer or set aside a reserve fund for fuel. Finally, 30 percent should be used to pay down your debts. Remember, next to paying your bills on time, the best way to increase your credit score is to lower your outstanding balances.

As in any situation, you must look at your overall circumstances from a realistic viewpoint and use that to dictate appropriate use of your rebate check. If you are facing an upcoming increased mortgage payment adjustment that you'll be unable to meet on a monthly basis…don't wait. Be proactive and start communicating with your mortgage company now. Perhaps your rebate check can be used to fend off a default and possible foreclosure. Be wise and take steps now to avoid losing your greatest material asset and the American Dream—your precious home.

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