How to Live Debt Free (episode 8)

How to Live Debt Free (Episode 8)

“A Biblical Perspective on Debt” by Focus on the Family:

  • The Bible doesn’t say it’s a sin to borrow.

  • It doesn’t say it’s wise to borrow.

  • It doesn’t say God will bail you out of debt.

  • It doesn’t say debt is an exercise in faith.

  • It doesn’t say it’s a sin to loan money.

What does the Bible have to say about debt?

  • It’s wrong not to repay debts.

  • It’s foolish to put yourself in a surety situation.

  • Debt may violate biblical principles that directly affect our relationship with God.

What do you do if you find yourself in any kind of consumer debt?

  • Pray and wait on the Lord for an answer.

  • Follow a proven debt elimination plan (See: Financial Peace Revisited for more information.)

Baby Step 1: Make every effort to get $1,000 in your emergency savings fund.

Baby Step 2: Pay off all personal debt except your home.

Baby Step 3: Save 3-6 months of worth of expenses in your emergency fund.

How to keep from getting back into debt:

  • Be content with what you have.

  • Pray before any major purchase

  • Maintain a zero balance on all credit cards, or don’t use them at all.

Recommended Course: Financial Peace University

This was a financial life-changer for us as we raised our five children. To this day, we have no consumer debt, no student loans, and no car loans–just our mortgage.

Recommended Book: Financial Peace Revisited

Purchase this book if you are unable to attend the course.

All 7 “baby steps” are in chapter 21, then you’ll find some financial management forms in the back of the book.

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