Statistics show that most Americans are deeply in debt – but, you CAN get out IF you’re willing to make the effort and employ some real willpower!
Proverbs 21:20 Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it. (ESV)
Scripture provides ample warnings to NOT become a slave to debt. Here is just a couple of examples:
Proverbs 22:7 The rich rules over the poor, and the borrower is the slave of the lender. (ESV)
Hebrews 13:5 Keep your life free from love of money, and be content with what you have, for he has said, “I will never leave you nor forsake you.” (ESV)
NO ONE would be in debt IF we all adhered to Torah principles. Examples:
Exodus 22:25-27 “If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him. If ever you take your neighbor's cloak in pledge, you shall return it to him before the sun goes down, for that is his only covering, and it is his cloak for his body; in what else shall he sleep? And if he cries to me, I will hear, for I am compassionate. (ESV)
Deuteronomy 15:1-2 “At the end of every seven years you shall grant a release. And this is the manner of the release: every creditor shall release what he has lent to his neighbor. He shall not exact it of his neighbor, his brother, because the Lord's release has been proclaimed. (ESV)
As mentioned above, getting out of debt takes some effort and willpower … the willpower to give up “credit” and manage your income so that you don’t keep spending more than you make.
That’s basically the whole key to becoming debt free. Pay off those credit cards (smallest to the largest) as fast as you can, and don’t buy unnecessary “stuff.”
Financial guru Dave Ramsey says, until you are debt free, you shouldn’t even enter a restaurant unless you work there; and in the meantime, you should basically live on beans and rice, rice and beans. Sounds harsh, but it works!
As with Torah observance, being debt-free feels GOOD and it eventually becomes a "way of life!"
Dave Ramsey’s mantra about the process of becoming debt-free is, "I didn't say it was going to be easy! I said it's going to be worth it!"
My husband and I KNOW it’s worth it, because we’ve been completely debt free since 2012 - able to pay cash for everything we buy!