DANGER SIGNS: ENTERING THE DEBT TRAP!
1. Living on credit instead of paying cash
2. Delaying payments or paying just the minimum due
3. You are unable to tithe or save
4. You can’t pay your taxes
5. Impulse buying
6. You’re always looking for get rich quick ideas
STEPS OUT OF THE DEBT TRAP
1. Commit to becoming debt free NOW!
2. Start paying God and myself first
3. List everything I owe
4. Have a sale
5. Set up a repayment plan
- Order your debts by interest rate (highest to lowest)
- Decide how much extra money you have a month to pay towards your debt
- Use all of your extra money to pay off one debt at a time (from highest rate to lowest rate) while paying the minimum on the rest
- When one is paid off move to the next using all your extra money and paying the minimum on the rest
6. Decide to pay it off in half the time
7. Add no new debt
For the podcast from this talk visit our website later on Monday:
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