Lifestyle Prayers

Prayers For Everyday Living

Credit Card Pitfalls

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A while ago, I received a phone call from an automated answering service, offering to reduce my credit card payments. Fortunately, I don’t have any outstanding credit card debt, but I thought it might be helpful to remind you of this current marketing pitfall.

If you are facing credit card debt, then please be aware of telemarketing firms which are prompting consumers to reduce their credit card payments. Why do you ask? Reducing or lowering credit card payments usually offers lending institutions additional time to collect more interest on your outstanding debt.

Whenever you reduce or lower your credit card payments, you may actually be lengthening the time it will take you to pay off your existing debt. It may seem like a good idea to make a lower credit card payment, but you may actually be paying more interest over a longer period of time if you choose to do so.

To avoid this current telemarketing pitfall, stay true to your desire to pay off your credit card debt quickly. Take charge of your debt by making larger monthly payments whenever possible. Do your own research into applying for a credit card, or a line-of-credit, with a lower interest rate. Finally, persevere, don’t overspend, and only use your credit card when you actually have the money to spend.

Prayer:

Lord Jesus,

Help us to not overspend, but rather to live within our means. Teach us how to use our credit wisely, as we make our purchases. If we have any outstanding credit card debt, then direct our steps to pay it off quickly. As well, keep us aware of any fraudulent schemes, and help us to warn others in the process. Thank you, Lord Jesus. Amen.

Take A Bite Out Of Your Debt

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Are you in debt? Can you identify with any of the following warning signs?

• continually spending money on what you want, rather than on what you need.
• using a credit card or a line of credit when your budget won’t permit it.
• borrowing money, even from family or friends, in order to meet monthly expenses.
• making a minimum payment on your debt without actually reducing the principal.
• feeling the pressure from credit companies who threaten to repossess your assets.
• having your basic utilities like telephone, cable or hydro suspended.
• regularly bouncing checks.
• cutting back on basic necessities like food and clothing in order to pay your bills.
• regularly paying your bills after their due date.
• allowing the stress of your debt to negatively affect key relationships.
• denying that you have a debt problem, and simply ignoring the issue.
• seeing your debt, and not knowing what to do, so you do nothing about it.
• trying to reduce your debt, but failing to see any significant changes.

Question: “How can I take a bite out of my debt?”
Response: This should be no big surprise to you because it begins by seeing your need to change your personal lifestyle. It involves becoming more aware of the extent of your debt, gaining a personal understanding of knowing what to do, acquiring the incentive to begin and maintain the necessary changes, and working with someone to keep you accountable.

1. Debt Awareness: This requires for you to see the big picture: For example, how much do you owe, to whom, for how long, and what are the current financing charges?

2. Gaining Personal Knowledge: For example, have you thought of changing your personal spending habits? Instead of using debit or credit cards to make your purchases, consider paying cash for them. Take out set amounts of money each week for clothing, food, and other basic necessities. Place the money in separate envelopes, get the best deals, and when the money runs out, you have finished your purchases for that particular week.

3. Acquiring Incentive: This is where you need to be motivated to move forward. In Covering Your Debt, I speak about our own personal experience with getting out of debt. I hope that this post, along with other inspiration, will encourage you to take single bites out of your debt.

4. Staying Accountable: When you start being accountable for your spending, then good things can happen. For example, my wife and I were able to work together to develop a realistic budget, to avoid unnecessary spending, and to live within our means. As we saw our debt decline, our stress was reduced, our ways of relating improved, and we learned how to be thankful for what we had been given.

Prayer:

Lord Jesus,

May you draw closer to those who are seeking your help in getting out of debt. Bring them into a better awareness of their current debt situation, direct them to gain a new understanding of what to do differently, encourage them to move forward with your leading, and help them to become more accountable for their current spending habits. Thank you, Lord Jesus. Amen.

Covering Your Debt

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The rich rule over the poor, and the borrower is slave to the lender. (Proverbs 22:7)

When you owe money, you become a slave to your lender. In other words, you are submitted to your lender, who has power over you, as long as you have something that belongs to them. They are entitled to have their say in your life, by charging you interest and dictating the terms of your repayment. You can only return to your state of freedom when your debt has been paid in full.

Several years ago, my wife and I owed over $8000 in consumer debt. During my 50th year, we decided to try to get rid of our debt and change our spending habits. So, I cashed out an RRSP from my work to cover our debt, and we started using cash to pay for all of our expenses. These changes began a new life for us, as we started to consider buying only what we needed, rather than spending money on whatever we wanted.

If we could do it all over again, we would have chosen to live differently straight from the start. We realize that we don’t always get what we want, and all for good reason. Yes, the money was available, but it wasn’t free, and someday we would have to pay it back. So, we just continued to ignore the voice of reason in addressing our debt in order to live the dream of using someone else’s cash.

Today, we are growing in our gift of stewardship, as we continue to learn how to live simply, give generously, and share our life lessons with others. Getting into debt was challenging for us, but getting out of debt was worth the reward. We can now breathe easier, rest better, and be free to focus our eyes on Jesus who supplies us with everything we need.

Prayer:

Lord Jesus,

As you have taught us how to get out of debt, may you teach others how to be free from their burden of debt. Help them to pay back what they owe, to live within their means, and to give generously. May they budget what they spend so that they can also save money. Open their eyes to see your leading, their ears to hear your voice, and their hearts to know your love. Thank you for hearing their prayers, for supplying all of their needs, and for giving them further opportunities to manage their money wisely. Amen.