Source: Crown Financial Ministries1

How much credit card debt in the average American Household?

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How much credit card debt in the average American Household?

• Average credit card debt: $15,270

• Average mortgage debt: $149,925

• Average student loan debt: $32,258

Source: Federal Reserve Bank, Jan 20143

What the Bible says about Debt

- The Cost of Debt can be fiscal, spiritual, and physical –

Proverbs 22:7

The rich rule over the poor, and the borrower is slave to the lender.

Romans 13:8

Let no debt remain outstanding…4

5 Steps to Becoming Debt Free

1. Acknowledge and Believe it all belongs to God

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Psalm 24:1 (NIV)

The earth is the Lord’s, and everything in it, the world, and all who live in it;

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Source: Crown Financial Ministries7

5 Steps to Becoming Debt Free

1. Acknowledge and Believe it all belongs to God

2. Stop Borrowing

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5 Steps to Becoming Debt Free

1. Acknowledge and Believe it all belongs to God

2. Stop Borrowing

3. Make and Follow a Spending Plan

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5 Steps to Becoming Debt Free

1. Acknowledge and Believe it all belongs to God

2. Stop Borrowing

3. Make and Follow a Spending Plan

4. Develop a Debt Pay Off Plan

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The Dirty Secret of Credit Cards

Debt Minimum Payment

Interest Rate Years to Pay Off

$8000 $160 per month($5 per day)

16% 30

$8000 $300 per month($10 per day)

16% 3

Source: prestonwood.org11

5 Steps to Becoming Debt Free

1. Acknowledge and Believe it all belongs to God

2. Stop Borrowing

3. Make and Follow a Spending Plan

4. Develop a Debt Pay Off Plan

5. Trust God

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God’s Promise to us

1 Corinthians 10:13 (NIV)

No temptation has overtaken you except what is common to mankind. And God is faithful; he will

not let you be tempted beyond what you can bear. But when you are tempted, he will also

provide a way out so that you can endure it.

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Three Things to do this Week

• Read and Meditate on 1 Corinthians 10:13– Trust God with your Financial Situation

• Establish your Spending and Debt Payoff Plan and then submit it to God

• Review the many resources and support available from Crown Financial Ministries– www.crown.org

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Questions?

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