APRIL IS FINANCIAL LITERACY MONTH
D.E.B.T.-Doing Everything BUT Tithing.
For those who don't know what debt is, debt is an amount of money borrowed by one party from another.
Debt is used by many corporations and individuals as a method of making large purchases that they could not afford under normal circumstances.
A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest.
Some common-sense rules can help individuals avoid D.E.B.T -- at least the level of D.E.B.T. that cannot be repaid when due:
- Pay with cash whenever possible.
- Stay within your spending limits.
- Avoid impulse purchases.
- Avoid "buy now, pay later," "interest-free financing" and like offers that merely postpone debt.
- Compare prices before making major purchases.
- Take only the cash with you that you can afford to spend while shopping, and spend only that cash.
- Avoid borrowing to finance "staple" purchases.
- If you cannot avoid borrowing, use the lender that offers the lowest interest rate.
- Avoid bank overdraft charges by keeping close tabs on bank balances.
- Keep a record of all credit card purchases.
- Always pay more than the minimum payment on credit card bills if possible.
- Avoid applying for more than one or two credit cards at a time
- Consider transferring balances to a lower rate card, making sure the low rate applies to balance transfers.
- Avoid credit cards that charge interest from the date of purchase with no grace period as well as cards that charge interest immediately on a cash advance, plus charge a fee for each cash advance.
A "Cautious Debtor" is defined as one who avoids entering into D.E.B.T.. A "Cautious Debtor" is careful and strategic when incurring D.E.B.T, and always repays D.E.B.T.
Here are seven (7) things to consider before D.E.B.T overwhelms you:
1. Repays D.E.B.T. and does so promptly
A. Psalm 37:21-"The wicked borrow and do not repay, but the righteous give generously"
B. Proverbs 3:28-"Do not say to your neighbor, "Come back later; I'll give it tomorrow"--when you now have it with you"
2. Avoid the bondage of D.E.B.T
Proverbs 22:7-"The rich rule over the poor, and the borrower is servant to the lender"
3. Recognize D.E.B.T. presumes on your future
James 4:13,14- "Now listen, you who say, "Today or tomorrow we will go to this or that city, spend a year there, carry on business and make money.' Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes."
4. Realize D.E.B.T. can foster jealousy and greed
Luke 12:15-"Beware! Don't be greedy for what you don't have. Real life is not measured by how much we own"
5. Give and pay what you owe
Romans 13:7-"Give everyone what you owe them: pay your taxes and import duties, and give respect and honor to all to whom it is due."
6. Be careful about co-signing
Proverbs 22:26-27(NLT)-"Do not co-sign another person's note or put up a guarantee for someone else's loan. If you can't pay it, even your bed will be snatched from under you."
7. Realize D.E.B.T will impact spiritual development
Galatians 5:22-23-"The fruit of the Spirit is love, joy, peace, patience, kindness, goodness, faithful, gentleness and self-control. Against such things there is no law."
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