What does it take to live debt free.

[tturt]

My grandparents and parents lived by Scriptures such as "Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law." Rom 13:8 and "He who is kind to the poor lends to the LORD…” Proverbs 19:17

But my dh and I thought thair lifestyle was old fashioned and wasn't for us. In our defense, we didn't even know about those Scriptures. Now decades later, Yahweh wants us to pay off what we owe and expects tithes and offerings from us (Mal 3:8). How much easier our lives would have been if we had followed Biblical principles. Thankfully, He keeps giving us opportunities.

 

[dayhiker]

Debts in the ancient world were often very costly. Interest rates charged could be very high compared to what most of us have seen or even heard about. Not to mention that if one didn't repay, they could become a slave.

I think living below ones income is a good definition. That way one should be able to pay off any financial obligation that is taken on. It is wise to get to the place where one can buy cars with cash. Homes can be very hard to buy with cash. But there are ways to do things to build value into a home and later buy the house that works for you.

That's the way I have done things. I started out with mobile homes and bought bigger as I needed them. I also bought two homes that needed fixing up to build value and stay out of debt. Then I bought two homes with additional apartments so that I could live and work in a city that is costly to live in. That way I have money to give to the needy and money to buy things that put others to work.

 

[Boidae]

I did my time with credit cards when I was in my early 20's. I was in debt not too much, but enough that I was putting out more than I made.

Then comes my firstborn son with my ex-girlfriend. For the first couple months everything was fine, then he started to develop problems and was in and out of the hospital. I ended up losing my job because I was missing so much work. I was unable to really find a job for almost a year.

I was never able to pay off those debts because what wasn't so much became quite a bit. We had 4 more children after that and moved to a different state where I became a stay-at-home father so that my ex-girlfriend could work and make more money than I did.

These debts have all been charged off and wiped from my credit record, although some "zombie" collectors still call me for debts that are over 10 years old. Since I am currently unemployed, paying them off isn't going to happen and I kindly tell them that. I also let them know that it's been such and such a time and is well over the statute of limitations for debts.

So, my wife and I don't have any credit cards and if we don't have the money it doesn't get bought. Plain and simple. I'm not sure I will ever get another credit card. My wife wants one for emergencies, but I have now lived without a line of credit for over 10 years.

 

[All4HISglory]

In other words. No credit card or loan debt.

With the possible exception of your house?

Have you ever heard of Financial Peace University? Dave Ramsey. It's faith based and built on the word of God.

Look into it.

Mrs. Richard posting on my iPad using CF

 

[pdudgeon]

In other words. No credit card or loan debt.

With the possible exception of your house?

1. a right understanding that it is God from whom our funds come from---NOT the employer. And He knows what we need.

2. a correct understanding of the difference between want and need.
want = they have it and i want it.
need = a matter of life and death, not inconvenience.

3. realizing that credit cards are another way for the bank to take more of your hard earned money than you want to give them, and keep as much of it for themselves as they possible can. (That's why they only disclose these things in very small, fine print that most people never bother to read. )
Credit cards are not designed for your convenience, no matter what the ads say.

 

[BlessedandBroken]

1. a right understanding that it is God from whom our funds come from---NOT the employer. And He knows what we need.

2. a correct understanding of the difference between want and need.
want = they have it and i want it.
need = a matter of life and death, not inconvenience.

3. realizing that credit cards are another way for the bank to take more of your hard earned money than you want to give them, and keep as much of it for themselves as they possible can. (That's why they only disclose these things in very small, fine print that most people never bother to read. )
Credit cards are not designed for your convenience, no matter what the ads say.

Thank you- I needed to be reminded of the fact that it is God who is our provider!

 

[Svt4Him]

Tithe.

What if I'm not a farmer?

 

[New_Wineskin]

What if I'm not a farmer?

Or , rancher ?
Or , can't find a legitimate Levite to give it to ?

 

[New_Wineskin]

2. a correct understanding of the difference between want and need.
want = they have it and i want it.
need = a matter of life and death, not inconvenience.

That is a pont that I was going to add . Unnecessary items to treat one's self add up - especially snacks . At work , I am surprised to see the same people who complain about not having enough money also smoke , drink , gamble and puchase quite a few items from the snack machines ( they don't even bring a lunch ) .

Start by trying to save $20/week . That would add up to $1000 after a year . People who have taken my advice on this start seeing other places to save money . It gets easier as the habit is formed .


I have also seen people who obtain extra money ( overtime and tax refunds , for example ) automatically think of it as money to treat themselves . I suggest placing all of that mony in savings . Place money for treats in the budget and don't go past that amount alloted .