Getting Out of Debt With a Prayer and Information
Foreclosures are escalating, joblessness is escalating, gas prices are escalating and mortgage interest rates are edging upward while the stock market is edging downward after a short, positive spurt. Let’s step away from the negative and look at the positive side of things.
Imagine being free of debt, everyone’s dream. No more sleepless nights, no more threatening phone calls from bill collectors, no more mounting credit card balances with high interest and fees, no more anxiety as you say your prayers every night. It is time to make some changes for the better and you can do it.
Here are a few tips on becoming debt free:
• First, resolve that you will make changes in your life and stick to it. If you can’t afford to purchase something, walk away and go back when you can.
• Distinguish between bad debt and good debt. A home mortgage can be considered good debt, which is equity. Bad debt is paying on a car that only depreciates in value. All other credit card debt is bad debt. Get rid of it as soon as possible.
• Stop using credit cards and start paying with cash. If you must use a credit card, pay the balance when it’s due. No more bad debt balances.
• Contact a Christian debt management group to help guide you through the maze of collections and unpaid balances.
Continue the prayers because it doesn’t hurt to call on a higher power to give you strength to get through it.