Christian Living

---

All Paid Up and Ready to Stay That Way
By Dan Blankenship
© 2006 Dan Blankenship


A few weeks ago, I finished what I should have never started; I sent off my last and final credit card payment. How long did it take me to reach this milestone? Nearly twenty-two years. And I would like to offer some serious advice to anyone willing to listen: Do not fall into the credit card trap. It is financial quicksand to use plastic to purchase goods and services.

Now, in order for a person to follow my advice, there are three things that I must point out to people who are already in debt. Number one, you can never get out of debt by believing it is impossible. Number two, the only way to get out of debt is to start spending less money than you make. And thirdly, do not fall for any of the get out of debt fast schemes you hear about. They don’t work.

For those of you have yet to bury yourself in credit card or personal loan debts, remember that no one plans on getting in over his head when he first decides to purchase anything using credit. But that is exactly what ends up happening. While home, and quite possibly vehicle, purchases can be considered a necessary use of credit, even those decisions need to seriously considered as a no-no if timing and income are not sufficient. I shouldn’t buy a home that I am working overtime or a second job to make the mortgage payment on.

In our buy now – pay later society, those that supply the loans are making a killing. Interest rates as high as twenty percent guarantee credit card companies enormous profits, while purchasers struggle to make minimum payments on incurred debt. And although columns like mine warn about the need to be frugal with spending habits, few people heed the warning.

If you are young and have yet to fall victim to the credit trap, I suggest reading as many books about the dangers of debt, especially credit card debt. If you have already fallen victim to the credit-monster, the solution is to devise a plan that attacks the smallest debts first, working toward paying off the biggest debts last. It takes discipline to set a budget and stick to it. But trust me on this, when you reach that day where those little plastic cards are no longer a threat to your financial stability, you will breathe a great sigh of relief. The following website offers a budget worksheet to help you with this endeavor: http://www.kiplinger.com/personalfinance/tools/budget.html


I know God wants his people to live a life more abundant, but incurring debt and struggling to repay it is not the kind of abundance we should experience. Having abundance with God and His creation is not a reward of physical gifts, but a longing for things yet to be bought with a credit card.

---

PLEASE ENCOURAGE AUTHOR BELOW LEAVE COMMENT ON ARTICLE