Dollars & Sense: Getting Out of Debt

This past Sunday, we continued in our series Dollars & Sense with “The Debt Principle.” With over $852 billion dollars of revolving credit (credit without a fixed number of payments such as credit cards) among U.S. consumers, we are constantly enticed to go further into debt. Here are some helpful steps to getting out and staying out of debt:

  • Commit to being debt-free now. Whether you are debt free right now or whether you are struggling with debt, make a commitment to being debt free. Don’t wait until next week, next month or the new year.
  • Start giving. If you want God to bless your financial efforts to get out of debt (not make you healthy or wealthy), then you need to put Him first. Giving sacrificially puts Him first in your life and in your finances.
  • Start a repayment plan. Use the Debt Snowball Plan, paying off your smallest debts first and then adding the money to the next smallest debt and then the next, etc. In addition, call or write your creditors asking them if they’d be willing to renegotiate the terms of your debt. They might even be willing to stop adding interest to your debt. They might say “no,” but they might say “yes.”
  • Add no new debt. If you struggle with credit cards, do some “plastic surgery.” Get rid of them.
  • Get help. Be sure to tell your small group about your plan to be debt free. Ask for prayer and accountability. I also highly encourage you to go to our next Financial Peace University class that begins January 7 – Register Online.
  • Stick with it. Remember the story of Mary Hunt, author of The Complete Cheapskate and founder of Debt-Proof Living. Through perseverance and patience, with God’s help, she and her husband paid off $100,000 of debt. Stick with your plan.

Here are some great resources to help you manage your money wisely and get out of debt.

Imagine the freedom of being debt-free in your personal finances. And imagine the EXTRAORDINARY IMPACT we could make for Jesus as a church of ordinary people if we were free of the $7,660,240 of consumer debt we have as individuals and households at Northshore. Imagine the real needs of real people we could meet locally and globally as we seek to model the generosity and good news of Jesus in our world.

I am praying for God’s grace, peace, and perseverance for you as you commit to being debt-free and follow your plan to get out of debt.

New Series: Dollars & Sense

Our world is fixated on money. From what we can earn to what we can buy to less often, what we can save, and rarely, what we can give, money occupies a lot of our time, imagination, and energies. Since money is so pervasive in our lives, we’ve got to make some sense of it or it will control us.

For three weeks in November, we’re exploring Dollars & Sense. What does the Bible have to say about money? What does our money reveal about us? What should we do with our money? We’ll talk about three principles that will help us make sense of money: the Treasure Principle, the Debt Principle, and the Gratitude Principle. What will you make of your money or what will it make of you?

Here’s the series schedule (click the message title for audio link & small group questions):

November 11 – The Treasure Principle

November 18 – The Debt Principle

November 25 – The Gratitude Principle

If you’re struggling with wisely managing your finances, this is the series for you. If you’re not, then this series will reinforce what you’re doing and give you some tools to help other people. And if you have friends or family that are struggling financially or want to know how to manage their resources more wisely, invite them to join us at 9 am, 11 am, or 5 pm.