Get Out of Debt
Nathan Leal - April 30, 2008

"The borrower is a slave to the lender" Proverbs 22:7

This is an old adage; you have probably heard it many times.

From pulpits across the land, preachers have mentioned it, or at least they used to!

"Don’t be in debt," The preacher would shout!  

“Amen,” The people would answer.

After inspirational words, the preacher then dismisses with a prayer and the people leave.

But they do not go directly home, they go out to eat.  Fair enough!

They go out to eat a hearty meal which is paid for, with a credit card, in cars they do not own, wearing new clothes that were purchased with a credit card!

So much for the sermon!

America is a nation of debt...in the trillions.

How many people save? Are you kidding? The percentage is in the single digits!

Today, too many Christian people have massive debt, in so many areas; their house, cars, equity loans, second mortgages, credit cards, but then again you probably already know this.

Do reminders of debt arrive regularly in your mailbox?

"So what is your point?"  I can hear some people say, to me.  And to those people I might say, "No point, have a good day."  As I wipe the dust off my feet.

To those of you still reading, you know what you must do.!  Get out of debt....now!

It won't be easy. Not buying things you desire when you desire them is tough, especially if you have a healthy habit of doing it.

I myself have had people tell me that they know they must do this, but they do not know where to begin.

Want some suggestions?

Besides the house mortgage, what is the largest payment most people have? If you are like most Americans, it is your car payment. So let’s start there.

One of the best ways to lower monthly out flow is to get rid of that car payment that you have! Now what I am about to say, will not be easy. But quite possibly it needs to be done!

Step one, sell your car!  Fire your bank!

“Sell my car, what do you mean?” I can hear some people say!

I mean sell your car. You know, the one with the "huge" car payment!

Hopefully, you are not buried in the loan with upside down equity!

But What Will I Drive?

Now I want to say it again, doing this will not be easy!

But here it is, sell your car so that you can get rid of that monthly car payment!
Then, you buy an older car “IN CASH”. What you choose to buy depends on your budget.

Some of you reading this may only be able to afford a car that is only $2,000 to $5,000, maybe less, maybe more.

Where Will I Get the Money?

Like I said before, this will not be easy. Necessity is mother of invention. Carpool to work temporarily, take the bus. Ask family or friends for rides to work. If you are a two car family already, get creative.

Perhaps the plan will need to be accomplished in two steps. First buy a “VERY” cheap car. One around $1,000 and save for several months the money that would have been used on your car payment. You may be surprised, how much money you can save. When you have enough saved, then upgrade your car to a better one that is paid for!

Then you can sell your $1,000 car!

The Advantages

Weird concept, huh?  But here are the advantages, no repo-man to steal your car when you miss a payment. You will not have to park a mile away when you go shopping for food. Why?  Your car will be paid for and a few years older. No more "door-ding" paranoia.

If it is older, the insurance will be cheaper! Use the monthly savings to pay down your credit cards, but first cut them up, all of them but one.  The one you do not cut up take out of your wallet and put it in your file cabinet.  That way it is not so easy to use.

Hey guys, if you get an older pick up truck that is paid for, you could actually use it for "real work"!

This is a true story, I don't know how many times I have been around my friends and their fancy expensive pickup trucks and seeing them afraid to use their trucks for hauling things.

"I don't want to scratch it," I have had them say to me.

My philosophy, if I cannot stand ten feet away from my pick up truck and toss a shovel into the bed of my pick up, because I’m worried, it ain't a truck!

If it is older and paid for, and I scratch it, who cares? Right?  A truck is for work, at least mine is!

How many men are mad at me right now?  Sorry. I am not trying to offend you.

FREEDOM

How true it is. Friends I have not had a car payment in over 10 years and I can attest that it is freedom. Yes, my vehicle is older, it breaks down once in a while, but it does not belong to the bank.

If you take the money you would have been paying in a car payment and put it in the bank then you always have the cash for repairs when they are necessary.

FREEDOM

I don't use credit cards, if I want to purchase something like furniture or a T.V. I save up and buy it cash.

FREEDOM

Or better yet, buy it used from someone else.  I have a philosophy, retail is for Gentiles.

So is debt.

You are a child of God,

1 Peter 2:8 says "You are a chosen generation, holy priesthood, a holy nation.”

So act like it!

Get out of bondage, Get out of debt

Nathan Leal – A Watchman
May 14, 2008