28 March, 2024

Don”t Ignore Your Debt, Eliminate It!

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by | 25 September, 2012 | 3 comments

By Barry L. Cameron

In December 1999, my family decided to do something about our finances. We were fed up with money problems and bothered by endless bills and perennial payments on stuff that was falling apart, in need of repair, or already in a landfill. We didn”t go to a financial planner, nor did we mine the endless array of financial resources available. We went back to the Word of God.

We figured the One who created everything and owns everything could give us the guidance we needed to clear up our financial mess. Early on, I found a verse that became absolutely life changing for us: “Of what use is money in the hand of a fool, since he has no desire to get wisdom” (Proverbs 17:16, New International Version, 1984).

We

were tired of living check to check, week to week, month after month, and doing it year after year. We realized God wasn”t going to give us any more, since we were living like fools with what he”d already given us. It was time for a change. Ironically, tightening our financial belts helped loosen our physical ones.

On the outside, we looked very successful. We lived in a bigger house, drove nicer cars, and wore nicer clothes than ever before. But the reality was, we were living way beyond our means, and every year was getting worse.

People don”t change until the pain of the present outweighs the pain of the change. That certainly was true for us. The pain of change was less than the pain of not having any change left every week when we tried to pay bills. We had two kids who would soon go to college and knew there was no way we could afford that on top of our current financial mess.

 

Painful Decisions

We had a number of “come to Jesus” meetings with our family as we attempted to follow God”s Word and figure out a way to get out of debt. We began by making some pretty painful, life-changing, lifestyle-altering decisions, which, over the next several months, helped frame the strategy that would enable us to get where we wanted to go.

The changes included cancelling cable TV, taking sack lunches to school and work, and foregoing vacations, new clothes, movies, and eating out. We even stopped watering our yard. We came up with almost 40 different things we could do immediately to start saving money to pay off our debts.

It doesn”t take discipline or determination to get into debt, but those two things are required if you want to get out of it. I mentioned our “come to Jesus” meetings. We had a few that Jesus didn”t come to””we”d just get together and yell at each other. Seriously. It wasn”t fun or easy””making sacrifices, going without, radically changing the way we were used to living. We came up with ways to reduce our spending so we could spend what we had on what we owed. Every extra dime and dollar went to pay bills. If we got birthday money or something similar, the windfall went directly toward what we owed.

We began paying our smallest bills first. As we began eliminating debts, one by one, we began to build momentum. I remember when we were able to pay off the note on the first of three car loans. We actually had a mortgage-burning ceremony. Looking back, that was a turning point that seemed to motivate our whole family to embrace the idea of getting rid of every debt we had. When we burned the second car note, one of our kids said, “We”re doing this, Dad. Aren”t we?” Yes, we were!

 

Sharing the Struggle and the Strategy

I decided to share with our congregation the struggle we were facing and the strategy we were using to get completely out of debt. (I can see now it was an incredibly ambitious goal since we were so far in debt.) So, in January 2000, I presented four messages that I called “The ABC”s of Financial Success.”

There were a few in the church who decided it was time to do something about their debt, too. But the majority heard the messages and went back to the same old routine, not believing there was any urgency to getting out of debt or that life could actually be enjoyable without debt.

 

Free at Last!

On November 15, 2001, I walked into the local branch of Chase Bank and made the final payment on our last debt, which was the mortgage on our house, and we declared, once and for all and forever, our financial freedom! We went to Walt Disney World and spent a week celebrating our financial freedom, made possible by the blessing of God and the fact our family was willing to make sacrifices. Since that initial trip in 2001, we”ve been back to celebrate at Disney two more times””our fifth anniversary of paying off our debt in 2006 and the 10th in 2011″”and the celebration gets better every time.

In October 2000, Doug Crozier, who had listened to the original messages, told me we needed to find a way to share them with more people. His suggestion helped result in my book The ABC”s of Financial Freedom and its follow-up, Contagious Generosity.

Once we were out of debt, all kinds of people wanted to know how we did it and how they could do it, too. I started going to different churches to share our story. It”s been absolutely amazing to watch what God has done over the past 10 years. I”ve had the privilege of speaking in more than 100 different churches and have shared our story with thousands of people.

The greatest reward has been hearing from people who have applied the same biblical principles, adopted many of the same strategies, and have been able to declare their financial freedom. Our church, with its 146-acre campus and facilities valued at almost $35 million, was able to declare its financial independence on November 9, 2008. Currently, the church is raising another $30 million (without debt) to build a new children”s building and a new youth building.

 

What Can You Do?

What would it take for you to get debt-free and declare your financial independence? Most people have become so accustomed to a debt-based lifestyle they don”t see the need to do anything about their current situation.

So what can you do? Maybe now is a good time for a “come to Jesus” meeting with your family and your church to share the urgency and need for getting your financial house in order.

While the Bible says God will take care of his people”””I was young and now I am old, yet I have never seen the righteous forsaken or their children begging bread” (Psalm 37:25)””it also says God is not obligated to fools or those who are poor stewards with what he gives them. Remember Proverbs 17:16.

If you”re looking for wise counsel, look no further than Scripture. James 1:22 says, “Do not merely listen to the word, and so deceive yourselves. Do what it says.”

That”s where it all begins. Ask God for wisdom and guidance, and follow his principles daily and faithfully until you can get to the place where you can finally declare your financial freedom.

Then, maybe you can go to Walt Disney World and celebrate!

 

Barry Cameron is senior pastor at Crossroads Christian Church, Grand Prairie, Texas, a completely debt-free ministry. He is the author of several books including The ABC”s of Financial Freedom, Contagious Generosity, and The Financial Freedom Workbook.

3 Comments

  1. JHWOOD

    This is a GREAT article written by Barry L. Cameron. I stand up in jubilant applause as to what he has to say. Everyone needs to read this most insightfully written piece of firsthand advice. Unfortunately, I am afraid that many who read this will only nod their heads in agreement, but then think, “This does not apply to me or my family. We have everything under control.” And that may be true for the time being. However, what happens when the unexpected knocks on their door – a catastrophic illness or accident, or a loss of a job. Where is the control then? Too many people do not plan for the unexpected and in today”™s tumultuous world and desperately fragile economy the “unexpected” could well be right around the corner for many people. And when its ugly shadow does show up and casts an ominous pall over that person or family, what happens then? Too often it is to blame. Blame the World for their sudden woes. Or, as many Christians do, turn to the most hated, but overused fall entity of them all, SATAN. In reality the blame only lies with that particular person and family for not taking heed of their mounting debts. As Mr. Cameron scripturally pointed out, “God is not obligated to fools or those who are poor stewards with what he gives them. Remember Proverbs 17:16.”

  2. Carolyn Malone

    I’m a pastor’s wife of 6 yrs., thank you so much for sharing. I would like to go to Walt Disney World one day too – God Bless your ministry.

  3. Bryan Cooper

    I highly recommend “The ABC”™s of Financial Freedom” and “Contagious Generosity” no matter your financial situation. Sometimes God has us read or experience things so we can share those “nuggets” with others. Don’t miss out on that opportunity.

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