Debt: On how we are going to dig ourselves out

 

Ladies, I wish I had known about this living a “debt-free” life before my husband and I jumped feet first into the world of debt at the ripe old age of eighteen!

It all started with school loans and then we had to have transportation and then we had the one credit card…ya know…just in case…

We didn’t know any better…this is how we were advised…this is how people live apparently. We had heard of a savings account, but knew nothing of money management and now we are 20 and 21 with thousands of dollars worth of debt!

The debt is horrifying and I know we are not the worst off, but that doesn’t make us comfortable. When we realize how much of our monthly income goes towards paying others instead of helping/providing for our family…it’s heartbreaking. We are slowly digging ourselves out of this pit by trying our best to shun the way the rest of the world lives, by not shopping at the mall and instead turning to consignment stores, thrift shops, and even the occasional online store like, Zulily.com. Oh and CRAIGSLIST has been a lifesaver! We always start to dig ourselves out of debt, but then some emergency pops up and bam we are pretty much back where we started! I just now ran into a blog that says that Dave Ramsey suggests saving 1000.00 then digging like your life depends on it because…well…it does.

Sooo, here’s our plan and we have already hit the ground running! Use almost all extra funds we come into…albeit from the military or income tax returns and DIG! We’ve saved 400.00 to date and we have paid off two miscellaneous debts…just a few more to go! If anyone reads this…prayers are welcome and needed so desperately. We pray for wisdom and the strength to do what we know is best for our family!

Here are some verses for what the Bible says about debt…I’m not trying to frighten you (well maybe a few of you who don’t think debt is a problem). These verses encouraged us to start digging ourselves out and resist the temptation!

Ecclesiastes 5:5 It is better not to make a vow than to make one and not fulfill it.

Proverbs 11:15 There’s danger in putting up security for a stranger’s debt; it’s safer not to guarantee another person’s debt.

Proverbs 17:18 It’s poor judgment to guarantee another person’s debt or put up security for a friend.

Proverbs 22:7 Just as the rich rule the poor, so the borrower is servant to the lender.

Proverbs 22:26, 27 Don’t agree to guarantee another person’s debt or put up security for someone else. If you can’t pay it, even your bed will be snatched from under you.

Proverbs 27:13 Get security from someone who guarantees a stranger’s debt. Get a deposit if he does it for foreigners.

Romans 13:8 Owe nothing to anyone except to love one another; for he who loves his neighbor has fulfilled the law.

Anyone out there? What do you do with any extra income you receive? How do you strive to pay off your debt?

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