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Avoid Bankruptcy
The Root Problem
Pick up any newspaper's business section and you'll probably read about the failure of a major company, caused by a crushing burden of debt through which it overextended itself.
But the personal failures - men and women financially devastated by debt - don't usually make the newspapers. Yet they're just as true ... and even more tragic.
The Good Book reminds us, however, that debt is never the real problem.
Debt is only symptomatic of the real problem: greed, self-indulgence, impatience, fear, poor self-image, lack of self-worth, lack of self-discipline, or something else.
When we experience problems like those, we try to patch them over with something that can ease our pain quickly, rather than trust in Him and rely on His provision. But that only feeds the root problem. It never solves anything.
1. Compounding works against you. Compounding can enlarge your investment amazingly over time. But the same principle can work against you - when you're the one who must pay the growing interest.
2. Getting in debt is easier than getting out. If you're overspending by $1,000 a year, then you must not only stop overspending, but also start paying it back with interest. That's difficult. But it can be done, little by little over a long time.
3. Debt mortgages the future. Because of the interest payments you must make, you are sentencing yourself to a lower standard of living in the future.
4. Debt robs you of the freedom of choice. You have an obligation to repay - it becomes your number one financial priority.
Rather than using debt to solve our problems - and finding ourselves in greater jeopardy than before - He invites us to place ourselves in His hands.
Action Item:
Commit yourself to avoid the use of debt, and to take steps now to get out of debt. Close your time by praising your Father for His loving care, no matter how desperate your situation may be.
Today's Bottom Line
Debt - a symptom of much deeper problems - keeps us from experiencing His best for us.
This article is adapted
from Master your money
