I am a Christian in debt. What should I do?

Response

Debt is a prevalent issue in our society, and debts tend to escalate more rapidly than anticipated. At times, individuals resort to using credit cards to settle medical debts, leading to a cycle where more credit cards are used to pay off previous ones. This situation can quickly spiral out of control, particularly for those with fixed incomes. While prevention is better than cure, what can be done when it’s too late for preventive actions? When a person realizes they have accumulated excessive debt, and material possessions have taken precedence, what should they do?

The initial step is to seek God’s wisdom through prayer “If any of you lacks wisdom, let him ask of God, who gives to all liberally and without reproach, and it will be given to him.”, (James 1:5). Despite the difficulty, one must resist the urge to worry. “Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God” “Be anxious for nothing, but in everything by prayer and supplication, with thanksgiving, let your requests be made known to God.”, (Philippians 4:6).

Once the issue has been brought before God (and any known sins confessed), it is time to take action. Carefully consider the following steps:

1) Commit to making significant changes to reduce your living expenses drastically. Identify your essential expenses and eliminate unnecessary ones. For instance, living without cable or satellite television may seem daunting, but it is achievable.

2) Create a budget based on your actual monthly income and expenses—focusing on the essentials. Strive to cut down on discretionary spending and allocate those funds towards repaying debts. Additionally, don’t just plan, but also implement these changes.pare the budget; follow it.

3) Honor God with your financial giving. “Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver” «Every man according as he purposeth in his heart, so let him give; not grudgingly, or of necessity: for God loveth a cheerful giver. », (2 Corinthians 9:7). Determine the amount, between you and the Lord (and your spouse, if you’re married), that you should give back to God every week or month. Joyfully honor that commitment.

4) Seek wise, godly counsel. A pastor, financial counselor, or someone trained in biblical counseling may be most helpful. It is important that you know that the counseling is based clearly on what the Word of God says. Ministries such as Crown Financial Ministries can provide several tools to help you become debt-free.

5) Talk to your creditors to explain your situation and work out a plan with them. Ask for payment reductions or lower rates. There are ways to reduce the amount you have to pay per month, thus making the debt more manageable; and there are ways to possibly lower interest rates, thus reducing the long-term debt. Perhaps you know someone knowledgeable in financial matters who could assist you in negotiating with your creditors.

6) Maintain discipline in financial matters. Go ahead and cut up the plastic. The Holy Spirit, who gives self-control «meekness, temperance: against such there is no law. », (Galatians 5:23), can help you change your spending practices by altering your desires and priorities. The struggle to resist impulse buying is truly fought in the heart. “Commit to the LORD whatever you do, and he will establish your plans” «Commit thy works unto the LORD, And thy thoughts shall be established. », (Proverbs 16:3). It would be prudent to involve an accountability partner to keep you responsible for your spending. Continue to “stick to your plan” to address your debt issue.

7) Do not procrastinate. Begin today and embark on the journey to liberate yourself from the shackles of debt. Your debt dilemma can be resolved with dedication, time, and consistency in making payments.

Keep praying, and in all circumstances, even when in debt, express gratitude to God. “Give thanks in all circumstances; for this is God’s will for you in Christ Jesus” “In every thing give thanks: for this is the will of God in Christ Jesus concerning you.”, (1 Thessalonians 5:18).