How do you get on top of your finances when you are deep in debt? As you proceed, it seems you are digging one hole to fill another, doesn’t it? I believe by God’s grace; these seven steps might help you navigate this challenging path.
Why are Canadians acquiring so much debt and ignoring lessons from the USA’s sub prime debacle? Cheap, easy money is addictive! Besides, history would suggest that when housing prices fall and interest rates rise many people will have no problem using the victim card and blaming financial institutions, businesses, the one percent … everyone, but themselves. Still, there is hope to avoid the inevitable meltdown.
How do you budget when mired in debt? You know you have reduced to the limit; fluff is gone. Still, your financial adviser tells you budgeting is the certain, orderly path to debt freedom. Try this three-tiered budgeting approach to emerge from debt gradually, with a strong foundation.
Like the rest of society, Christians continue to accumulate debt to buy stuff to satisfy various wants. The Bible provides key passages that each of us need to heed. Daily we should recall Luke 12:15 (NIV).
There is good news and bad news about the household debt trap. The good news is, it is accepted generally by policy makers that Canadians are carrying too much debt. The bad news is Canadians aren’t heeding warnings. Also, we do not hear much about the need for Canadians to start lifestyle changes to lower debt. Here are a few suggestions.