How to attack your financial debt in 2021

Let’s assess your spending habits. Which of these apply to you?

• Are you experiencing debt overload, maybe with anxiety?
• Have you further compounded your debt with Christmas shopping?
• Have you been enticed to overspend due to advertisements or credit card offers*?
• Do special sales, credit card offers, and advertisements entice you to overspend, even if the items are not needed?
• Do you spend for emotional fulfillment, which often dwindles with time?

If this is your situation, where do you go from here?

It is okay to make purchases, but not beyond your means. Instead of increasing present debts, concentrate on eradicating them. Consider the process called snowballing to pay off your debt.**

But you say, it’s not that easy.

First you need to overcome your desire for things before you deal with your debt. God tells us in Hebrews 13:5 to be content with what we have. If we take God’s advice, we can live without financial stress. Even when live seems to bring financial trouble to us, God says that He is able to provide as we seek a relationship with Him (Matthew 6:24-34).

Sooner or later you will need to choose. You can continue to use credit cards with their inherent issues, or trusting God Who is well able to meet all of your needs as you seek Him and His righteousness?

You may say “It’s too late, I am already deeply in debt!”

No, it isn’t! Make changes today! Before making new debts, question yourself- – Do I really need it? Can I truly afford it? Can it wait? Is it worth the price I’m truly going to pay for it, including the stress quotient?

Snowball Method**

Arrange your bills in order, smallest to largest. Each billing period, while making necessary payment on larger bills, pay as much above minimum on the smallest one. Once the smallest bill is paid off, attack the next smallest. Apply as much as possible, plus what you would have paid on the first bill you paid off. Continue the process until all bills are paid off.

A word about credit card debit*:

Keep in mind, that purchasing by credit card creates ridiculous finance charges. The total price of items can escalate to astronomical amounts once finance charges are added, especially if the bill is not paid in full each month or your payment is late.