Wisdom’s Journey: Proverbs 22:26-27

Terri GillespieWisdom’s Journey Through Proverbs

6 Steps to Reducing Debt

TODAY’S PROVERB: Do not be one who shakes hands or puts up security for debts. If you do not have enough to pay, why should your bed be taken from under you? Proverbs 22:26-27, TLV

“…why should your bed be taken from under you?” Or your home? Or your vehicle? Or your child’s education?

Several times within the book of Proverbs, we are counseled to not co-sign for another person’s debt. Why? Because if/when that person reneges on their loan, we will most likely be the one responsible to pay it. Hubby and I had to learn this lesson the hard way — unfortunately, several times. Sigh.

What I was thinking about today with this verse is that credit cards are a lot like putting up security, for our own debts. If we use a credit card and don’t pay off the balance, interest is accrued. The longer we wait to pay off the balance, the more interest is added. It’s like doubling our debts.

Back in the ’80s, we fell into the crazy credit craze. We were in danger of “losing our bed.” It took several years, but our crazy debt was eliminated. And we continue our stewardship by seeking wise counselors to manage the resources our Heavenly Father has graciously given us.

A large debt may seem intimidating, but believe me, I know first hand it can be whittled down to little debt — or no debt.

How do we begin? Experts say these 6 steps can help us have victory over debt:

  1. Cut up all credit cards except our bank Visa/MasterCard debit card.
  2. STOP CHARGING, UNLESS WE CAN PAY IT OFF IMMEDIATELY. The debit card ensures that any charges are immediately deducted from the checking account.
  3. Begin paying a little extra on the smallest debt. Only pay the minimum on the other debts.
  4. When that is paid off — YAY! — celebrate reasonably (like a frozen yogurt with the family).
  5. Now, apply that monthly amount to the next smallest debt.
  6. Soon, we can tackle the big ones, and we’ll be debt free!

Through discipline (yes, the D-word), we can avoid financial disasters of our own making. As we’ve discussed before, living within our means is the wise and prudent way to live. And that is a good thing.

May we walk out our stewardship with faith and GOD’s wisdom, my friends.

Proverbs 22:26-27 Tree of Life Version – TLV, #tlvbible, #tlvproverbs

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