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Debt Freedom. Session 1 – Change Your Mindset. Debt is stealing our freedom. The rich rules over the poor, and the borrower becomes the lender’s slave Proverbs 22:7. Average American family has $9,000 in credit card debt. It’s our responsibility to be free!.

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Debt freedom l.jpg

Debt Freedom

Session 1 – Change Your Mindset


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Debt is stealing our freedom

The rich rules over the poor, and the borrower becomes the lender’s slave

Proverbs 22:7

Average American family has $9,000 in credit card debt


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It’s our responsibility to be free!

You were bought with a price; do not become slaves of men

1 Corinthians 7:23


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What would debt freedom mean to us?

  • Individuals?

  • Families?

  • Congregation?

  • Community?


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Our Only Real Debt Should Be to Each Other

Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.

Romans 13:8



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How will we become debt free?

  • Debt defined

  • Debt and our lifestyle

  • Debt and spending

  • Debt and financial independence

  • Confess and declare

  • Debt use

  • Debt and your credit rating

  • Expenses and debt

  • The fuel for debt freedom

  • Debt freedom strategies

    • Credit card

    • Installment

    • Car loan

    • Mortgage

    • Student loan

  • New habit patterns

  • Debt freedom principles

  • Family finance goals & strategies

  • Impact & transform


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Change Our Mindset

Get rid of the doubt and all poverty thinking

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.

But when you ask, you must believe and not doubt, because the one who doubts is like a wave of the sea, blown and tossed by the wind.

That person should not expect to receive anything from the Lord. Such a person is double-minded and unstable in all they do.

James 1:5-8


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Types of Debt

  • Consumer purchases

  • Impulse spending

  • Make ends meet

  • Auto loan

  • Timeshare

  • Furniture

  • College

  • Grad school

  • Vocational

  • Family home

  • Rentalproperty

  • Vacation home

  • Finance a business

  • Make ends meet

Is it all bad?

Is it all necessary?


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Debt’s Impact

1 credit card with a 19.8% rate and a $500 initial balance

2 additional charges per year of $75 each

Made the minimum payment each month

Interest charges over time:

$580

5 years

$1,200

10 years

$1,840

15 years

$2,480

20 years

$3,130

25 years


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Debt’s Impact

Purchased $28,000 car

Financed $25,000 at 10% for 5 years

Made $531 payment each month

Interest charges over time:

$2,317

Year 1

$4,210

Year 2

$5,633

Year 3

$6,538

Year 4

$6,870

Year 5


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“Debt is the result of overspending and undersaving.”

- Dave Ramsey


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Spending Habits

Essential

  • Savings

  • Tithes

  • Food

  • Clothing

  • Healthcare

  • Insurance

  • Shelter

  • Transportation

  • Utilities

Discretionary

  • Meals out

  • Entertainment

  • Travel

  • Grooming

  • Clothing (extra)

  • Household décor

    “On the bubble”

  • Education

  • Fitness

  • Experiences

Are we using debt to fund any of these?


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Income is your most important wealth creator

Income

Expense

Expense

Income

Debt

Easy Street

Dead End

Debt is the great income-killer!


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If we would just obey

However, there need be no poor people among you, for in the land the LORD your God is giving you to possess as your inheritance, he will richly bless you, if only you fully obey the LORD your God and are careful to follow all these commands I am giving you today.

For the LORD your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you.

Deuteronomy 15:4-6


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Change Your Mindset

Summary

  • Debt steals our freedom

  • It is our responsibility to be free

Next Session

  • Visualize and Confess

  • How are we using debt now

  • Realistic alternatives to debt

  • Debt and your credit rating

  • Expenses and debt