Get outofdebt befree_jan2014, Crown Financial Ministries
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Transcript of Get outofdebt befree_jan2014, Crown Financial Ministries
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Source: Crown Financial Ministries1
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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
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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
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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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Show Video Clip
Source: Crown Financial Ministries7
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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
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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
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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