Stewardship Well Done Journey

Step 6 – DEBT

Roadblock #1 – Is All Debt Bad?

There are differing schools of thought when it comes to personal debt. Some advocate for carrying absolutely no debt, while others generally allow for a mortgage, school loan, etc. How much debt you carry is ultimately a personal decision you (and your spouse) need to make. Here are a few practical guidelines for you to consider.

1 – Pray about it. Invite Christ to be part of your financial decisions. James 1:5 promises, “If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you.” Jesus cares about ALL of you … including your finances.

2 – Ask yourself if you are living a lifestyle of debt. Are you constantly spending more than you make? Do you pay off your credit cards each month? Are you buying items that are outside of your means? It is ALWAYS appropriate to break enslavement to debt. Commit to paying down consumer debt as quickly as possible. There are many methods available to help you accomplish this. If one method doesn’t resonate with you, try another! With all the options available, we are confident you will find one that works for you.

3 – As you work on the steps of the Stewardship Well Done Journey, commit to staying out of additional debt. This will allow you to work on your existing debt while building healthy habits.

4 – Once you have your consumer debt under control, working with a financial advisor can help you make healthy decisions about debts such as a mortgage, vehicle purchase, educational loan, small business loan, etc. They have resources that can run calculations to help you know how a particular debt might affect your current and long-term financial health. It never hurts to have a third-party opinion.

We are cheering you on as you work to reduce your debt! Remember to celebrate all of your victories along the journey!