For those in debt—whether you’re a little behind or are in the middle of a long struggle--the church offers personal counsel, financial Bible studies, budget assistance and much more. A good place to start is to consider the following . . .

Scripture is very clear that if we’ve borrowed money, no matter what the reason, it is our responsibility to pay it back as quickly as possible. (Proverbs 3:27-28; Matthew 5:25-26) Two good questions to ask are: first, how did I get into debt, and second, how can I get out? The answer to the first question must be understood in order to help guide your future decisions. For example, if you are in debt due to unwise decisions, you probably need to start a process that is deeper than just eliminating your debt. Understanding the reason for a  wrong decision is the first step in a process of training yourself not to repeat it. 

In addition, debt may not be the main problem but rather a symptom of impulsiveness or lack of discipline or even an indication of a need to realign priorities. 

Getting out of debt is a process which takes time and action and hard work and the help of the Holy Spirit! Randy Alcorn in his book Money, Possessions, and Eternity suggests a ten-step process:

1. Repent. Acknowledge to God that you have followed the world’s path and not His. Begin a process of re-training your mind and actions regarding money, things, needs, wants, giving, saving, spending, and debt. Remember you cannot do this alone. Pray for help from the Holy Spirit and ask close friends and advisors for their counsel.
2. Give God the first fruits now. Let God know that you recognize His ownership by honoring Him with the first and best of your income. It is hypocritical to think that we can seek God’s blessing on our financial situation while withholding the tithes and offerings He has directed us to give.
3. Incur no new debts. A key step in getting out of debt is to operate on the principle that if you cannot afford it now, it is not God’s will.  Make no more purchases on credit and incur no more debt.
4. Systematically eliminate existing debts. The first step in this process is to prepare and follow a careful budget. The church offers budget coaching as well as Financial Peace University courses to assist you in this area. Develop a specific plan that pays off high-interest debt quickly. Be patient; this process will take time, and getting out of debt will not happen overnight.  With a good plan and determination you can and will accomplish your goal.
5. Perform plastic surgery on your credit cards. If credit cards are a temptation to you, destroy them. Remember, studies show that those who use credit –cards—even if they pay them off monthly--usually spend more than if they use cash. 
6. Stop rationalizing your debt habit. Recognize your weaknesses and don’t let them master you. For some, houses and cars are the strongest temptation; for others it is clothing, entertainment or hobbies.  Instead of moving into a larger home, driving a newer car or buying a new outfit, is it possible that God wants you to use His money here and now to advance His kingdom on earth? 
7. If debt seems the best or a necessary choice, go slowly and prayerfully. Seek objective financial counsel from good stewards. (Proverbs 15:22)  It is prudent that our counsel be from those who have proven to be financially wise. 
8. Learn the difference between saving and spending. Saving is when you have more money than when you started; spending is when you have less. If you buy a new stereo that is worth $500 and you pay $300 for it, you have not saved $200; you have spent $300. In our culture, too many people rationalize themselves to financial ruin. Far too many people ‘save’ themselves into financial bondage.
9. List your debts and, if necessary, contact your creditors. As part of your budget process, establish a schedule that works within your budget to repay all of your creditors. Compare interest rates and prioritize your debt reduction, paying off most quickly those with the highest interest rates. Eliminate smaller debts and consolidate your remaining debts in order to have as few bills as possible. Often, debt consolidation can result in paying debt off at a lower interest rate. Liquidate unnecessary assets and use the funds to reduce your debt. You may be able to move into less-expensive housing, get a cheaper and more efficient car or convert other unused items to cash. 
10. If you’ve done all you can and it still seems insufficient, consider ways to increase your income in order to eliminate your debts. If you are already working full-time, more work hours should not be a long-term solution. Still, a second job or household business may be necessary to overcome the consequences of past mistakes. 

If you need additional assistance, please contact the business department.