If you’re in debt, you are CERTAINLY not alone. It can be the most painful thing to disclose as keeping up appearances is a part of our culture. Though the very though of your debt makes your head ache and your ears itch, it’s time to face your debt head on! Proverbs 29:18 says, “Without a vision the people perish!” It’s time to create a plan that will cut down your debt and even rid yourself of it once and for all.
First, ask yourself whether debt has become a problem for you. Here are some circumstances that might indicate it has:
- Next month’s bills arrive before last month’s have been paid
- Your bills often include late fees
- You avoid opening bills when they arrive in the mail
- You procrastinate balancing checkbooks
- You bounce checks
Write it Out
Do you actually know how much debt you have? Many people don’t. Start by making a list of everything you owe, whether it’s a mortgage, a credit card balance, student loans or even money you borrowed from family or friends. Write down:
- The lender’s name
- The amount you owe
- The term of the loan
- The interest rate and fees
Then total them up. Looking at the numbers can be worrisome, but this is a positive – and necessary – first step to tackling your debt.
Ok so now that you have written everything down and you know exactly what you owe and who you owe it to – set realistic goals! When it comes to saving money or eliminating debit here is something I heard from Dr. Larry D. Reid “Starting small is better than not starting at all”