Debt Free Legacy

Get out of Debt Fast!

by Debt Free Legacy


I confess to watching too much TV, especially football and golf.  As a result, like many people I know, I have seen hundreds of PAID commercials for rapid debt repayment companies.  We are certainly not claiming to have full knowledge of these companies but we are pretty confident of their desire to appeal to debt strapped people by providing what appears to be fast and painless solutions.  We also believe that most, if not all, of these companies expect to earn a sizable profit from “you”.  After all, prime commercial time costs big bucks and every staffer and manager requires a salary, and there has to be a profit after all business expenses.

We understand that one of the debt reduction tactics may be to “negotiate” with a client’s creditors for reduced balances, which may be well below the amount of debt the client accepted when purchases were made.  If a creditor has any reason to believe that there is a possible bankruptcy, or that a greatly reduced payment is all they’ll ever get, then they may accept the “negotiation” and settle for less than is actually owed.  (This sounds a lot like manipulation, doesn’t it?)

Well, how does this line up with scripture?  And what should Christians do when they have serious debt issues?  Chapters 3 & 4 in the “Legacy Edition of Financial Freedom in 7 Weeks Plus” workbook tackle these difficult challenges.  In the brief space of this article, we will outline a few keys to freedom from debt God’s Way.

  • Romans 8:1 makes it clear that we are not to feel condemnation as believers in Christ.  So shame and guilt are from the devil and they drag us down.  Conviction to change is good and comes from the Holy Spirit.
  • Psalm 37:21 and Romans 13:8 shed light on the fact that while it is no sin to have debt, it is sin (wickedness) not to repay what we owe.  In fact, the reference to a Godly debt is clearly our obligation to love one another.
  • Proverbs 22:7 (KJV):  “The rich ruleth over the poor and the borrower is servant to the lender.”  For any of us who have borrowed money, whether from family, from a bank or in the form of credit card debt, we know the uncomfortable feeling of being in debt.
  • Proverbs 21:1 (NIV) emphasizes how important it is for Christians to conduct all financial transactions with excellence, so late or skipped debt payments send the wrong signal to the very people we may be trying win for Christ.  “A good name is more desirable than great riches, to be esteemed is better than silver and gold.”
  • The worst debt is high interest consumer and credit card debt.  (See pages 78-81 of the “Legacy Edition of Financial Freedom in 7 Weeks Plus” for a clear explanation of compound interest.)

The pathway to freedom from the bondage of debt starts by listing ALL debts, to include: the Lender’s (creditor’s) name, current debt balance, amount of the minimum required monthly payment, the annual compound interest rate, the number of remaining payments, and the targeted payoff date.  To simplify this process, download the Debt Repayment Schedule form form.