For those deep in debt, the concept of debt cures should be very interesting. The fact is that although debt is a struggle to repay there are some pretty simple principles that will make the process alot easier.
Here is our list of 5 ways to cure the tendency to acquire debt and to finally start getting rid of some of that debt once and for all.
Debt Cures #1 - Live Simply
Indulging in impulse buying is a sign of the need to fill a void in another area of your life. Analyze your situation and ask yourself why you feel the need to contantly make purchases you cannot afford. Study what the Bible has to say regarding being content and pick your favorite verse with that theme to memorize and repeat every day.
Finally, turn off the TV and get out of the house. Finding an outdoor activity or hobby is good for you and will keep you from being inundated with all the television commercials selling more debt.
Debt Cures #2 - Get Rid of Credit Cards
Cut up your credit cards or freeze them in a ziploc bag of water. Don't allow yourself to have easy access to one of the fastest ways to spend money and ruin your budget. Avoid the credit card offers that are sent in the mail and do not get talked into a store credit card at your favorite electronics outlet or department store. Although you may save 10% on your purchase these cards usually have some of the highest interest rates and hidden fees.
Debt Cures #3 - Start a Savings Account
Start a savings account and borrow from yourself instead of from your credit company. There are several good "high interest" savings accounts that offer no minimum balances and no fees of any kind. These accounts often have an annual percentage rate of 3% to 5% which will allow you to earn interest rather than pay interest to the credit card company at a much higher rate.
Set a goal of one month's living expenses and if you have to use the money in an emergency be sure to pay yourself back. Having the peace of mind that comes with a savings account will give you freedom from worry and allow you to focus on the things that are most important in life like God and family.
Debt Cures #4 - Pay Yourself
Give yourself an allowance of spendable money each week and incorporate this amount into your monthly budget. Going without for too long can cause frustration and a sense of hopelessness. Allow yourself the opportunity to celebrate small successes in your debt repayment with a nice meal out or a special movie.
By setting up an allowance new items can be saved up for and purchased without guilt. Paying down the debt is important but it has to be a plan you can stick to for the long term- allowing yourself a little freedom in moderation along the way will help make it a strategy you can live with.
Debt Cures #5 - Pay Tithe and Giving
Tithing represents God's ownership and our stewardship. A tithe is a tenth of your income and demonstrates that the very fist part of everything we have belongs to God. In paying tithe God promises to rebuke the devourer in our lives and livelihoods (Malachi 3:7-12). Giving is also an important step in attracting blessings into your life. When you give it actually opens up doors for you to be given to.
God loves being able to use someone with a spirit of giving that will allow blessings to pass through them and go to others. Part of being a good steward is listening when the Lord says to give, and it is through this process that the giver can truly be blessed.
Changing the dynamic you have with money is important in understanding that debt cures donÃ¢â‚¬â„¢t really exist in the conventional sense. The real debt cures are to avoid getting more debt, working hard to reduce current debt and making your financial situation a matter of daily prayer and meditation.