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How To Become a Debt Free Christian

from Sharon

If you are facing mounting debts and dream of becoming a debt free Christian, do not be disheartened as there are ways to do so. There are millions of individuals across the country who find themselves sinking deeper and deeper into debt. The situation has only got worse as debtors keep charging the individuals late fees, over limit fees, and higher interest rates. Remember that becoming debt free is not easy and takes a fair amount of time, but once you learn the lessons, you can remain debt free forever.

5 Steps to become debt free

You cannot become a debt free Christian overnight. It requires a lot of determination, patience and time to gain financial independence. The following 7 steps can help you to become debt free:

  1. Set a financial goal – Setting a financial target is important as it tells you where you want to be. Make sure that you set a goal that you can achieve and that has long term benefits.
  2. Determine your total debt – Ignoring your debt would not reduce your debt amount. So, determine your total debt amount before you can set a plan for yourself.
  3. Set up a debt management plan for yourself – Once you have set your goals and determined your total debts, it is time to develop a personal debt management plan. It is your way to becoming debt free. So, make sure that you set up a budget that you can afford. Keep your financial goals in view while setting up a plan.
  4. Negotiate with your creditors – Now that you have a debt management plan at hand, it is time to look for short cuts. So, look out for ways to reduce your debt amounts by negotiating with your creditors. Not all will agree, but its worth a try. Make sure that all the settlement amounts are agreed on paper and that you have the proper documents for future reference.
  5. Moniter your plan – You must keep a close watch at your plan so that you are able to modify it as and when required.
  6. Live debt free – This is most vital thing that you need to follow after you become completely debt free. Learn from your mistakes and manage your finances better in future to avoid getting into debt again.

If you follow the steps mentioned above, you'll be able to become a debt free Christian and return to a simpler lifestyle.