Keeping up with your debt payments is only part of the problem. Money that is used towards paying down debt can't be used elsewhere. That means if you're spending money each month on credit card or other unnecessary debt, you're taking money away from other areas of your budget that can be used to build wealth and plan for the future.
It can be difficult to actually realize when you've reached a critical point with your debt situation, but there are some signs that can help you identify the problem before it becomes too serious to address. Here are a series of statements to compare to your situation. If any of these apply to you, it is time to stop and take action to remedy the problem.
- You don't know how much you owe and you really don't want to find out.
- Your credit card balances keep rising every month.
- You find it hard to pay even the monthly minimum amount due on your credit card.
- You apply for additional credit cards.
- You are heavily dependent on your credit card because you often run out of money.
- You have more than two credit cards.
- You use more than 40% of your monthly income to pay for credit card dues and other debts.
- You have two or more unpaid personal or salary loan.
- You regularly borrow from relatives and friends to make ends meet.
- You gamble whatever little money you have.
- People start to harass and pressure you into paying the money you owe them.
- You often work overtime so you will have additional money to pay your debts.
- You buy something with your credit card but it was not approved because you are over the limit.
- Applications for loans or credit cards are denied.
- You hide credit card statements from family members.
Sometimes we know deep down inside that we have a debt problem, but it is easier to deny the problem than to address. It can be painful and require hard work, but the sooner you realize that you are in over your head, you can begin to make positive changes. Delaying changes to your habits will only prolong the problem and make it worse. If you don't think you can tackle the problem along, there are people out there willing to help.
Finances: Our Spiritual Barometer
A definition of "faith," according to Hebrews 11, is trusting God totally. It means trusting God for things you cannot see or manipulate into happening. Most of us truly desire to be able to exercise this faith. But the world around us tells us to do the opposite. If you don't have the money for what you "need," use your credit card to get it. If it's too expensive for your income, so what? You deserve it; besides, you have to stretch yourself if you want to be successful in this world.
God's Word tells us to learn to be content and dedicate ourselves to serving God. In Hebrews 12:1 we are told, "Let us also lay aside every encumbrance, and the sin which so easily entangles us, and let us run with endurance the race that is set before us." Instead, we encumber ourselves by following the worldly advice that says bigger and more are better. Just about the time most of our children are grown and leaving home, we can "afford" a big home and more cars, so we expand our lifestyles rather than simplify them.
The worst sign of worldly values in Christianity is the love of money that is apparent today. This is manifested in fear of the future. This fear dominates the attitudes of most believers today.
Most Christians would like a steady income to provide for their family's needs, and that's not unscriptural, except when they compromise God's Word for fear of losing their tenure in a job, or when they fear speaking out against obvious sin.
What should we do?
Here are four simple steps to start applying God's wisdom:
Step 1: Study the available materials on God's principles for managing finances;
Step 2: Apply godly discipline to your lifestyle;
Step 3: Teach your children about God's financial principles; and
Step 4: Teach your neighbors on God's principles of finances and basic budgeting in homes and churches.
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