Getting Out of Debt

If you’re struggling financially with what seems like an increasing amount of debt, you’re not alone. A recent report stated that the average American personal debt load, not including a mortgage or student loans, is a little over $40,000. Adding a home mortgage and education debt doubled the personal debt to about $90,000 per person. With the average US household income being about $70,000 a year, that means that the typical married couple in your neighborhood owes about two and half times their annual income.

No one applies for a credit card with the idea, “I think I’ll go into debt today.” Yet, if they were to fast forward several years later, the smaller purchases made in an instant no longer matter. Debt can cause life to seem lackluster. You can watch others enjoy celebration seasons like birthdays or Christmas yet feel overwhelmed with the stress of how to make ends meet. Certain types of debt can even result in wage garnishment, a lien on your home, or levying your bank account, threatening your lifestyle and livelihood. There’s a proverb in the Bible that says that the borrower is a slave to the lender. Debt is a type of bondage that can break with intentionality, focus, and discipline. So, how do you move beyond your current season of debt and begin to experience true financial freedom?