Americans are drowning in debt. The average American is carrying over $9000 in credit card debt. Many also plus upside down auto loans, ballooning mortgage payments, and college loans.
Is there a Middle Class Lifeboat amidst this sea of debt?
“Yes!” say financial experts/authors Paul and Sarah Edwards, who are conducting Talk Show interviews on this topic.
Paul and Sarah, authors of “Middle Class Lifeboat: Careers and Life Choices for Navigating in a Changing Economy,” share with your audience simple, tangible steps to begin the bailing process to get out of debt:
Credit card debt
- Renegotiate high interest rates – the federal law permits 30% so get that rate DOWN!
Transfer as much credit card debt to zero percent credit cards; transfer the balance to another zero percent credit card before the zero percent offer expires – often a year.
Mortgage debt
Call the loan workout department of your lender of the company servicing your loan; explain you don’t want foreclosure and ask them to reset the mortgage interest rate
Refinance your mortgage if you qualify – rates are a point lower than a year ago.
Auto loans – particularly if you owe more than your vehicle is worth
Do you need a gas guzzler- one you got for recreational activities or vacations you can no longer afford? Get what you can and take advantage of bargains on used vehicles.
Only if your auto loan rate is high (over 10%), consider refinancing.
Take a fresh look at your expenses
Simply simplify. Ask yourself, “What would happen if I didn’t have or do …..” This will help you divide what you want from what you need. Are restaurant meals, outside services, away-from-home vacations
Develop new habits
Pay with cash for instead of a credit card yourself. It may help to leave your credit cards at home or even cut them up.
Get outside help
- Debt counseling at a consumer credit counseling agency affiliated with National Foundation for Credit Counseling, 800-388-2227, www.debtadvice.org/takethefirststep/locator.html
Bankruptcy is a last resort – it puts a cloud on your credit for ten years
Debtors Anonymous, 781-453-2743, www.debtorsanonymous.org
I might also add this: be sure you are tithing. We need to do the practical, natural things. But we also need to obey God’s spiritual laws. The first 10 percent belongs to Him. If you ante up, He promises to rebuke the devourer. He also promises to open the windows of heaven and pour out a blessing so great you can’t even hold it all. It’s time to get out of debt and live in the overflow so we can create wealth and establish His covenant.
This article appears to be full of wisdom and knowledge. It has given seemingly valuable suggestions in a secular format where people, saved or unsaved in this world, can benefit from the tips given and can take full advantage of these steps to enable us to get out of debt. Information has also been given from a Christian standpoint as well. From this, we can receive God’s view of things and this can help us clean up our act. And even though we may have gotten into trouble, there is still a way of escape out of this mess. Thank God for His mercy and love towards us. I believe that this article is giving us wise counsel.
I believe it would behoove all of us who are in need of this kind of help to take this godly counsel. In Psalms 1:1-3 the Word tells us: Blessed is the man who walks “not” in the counsel of the “ungodly” and how that man’s delight is in the law of the Lord which he meditates on day and night. That man is like a tree planted by the water, brings forth fruit, his leaves will not wither, and whatever he does shall prosper. I pray that all who need this information will seek God for revelation about it and ask for opened eyes so that the help may come and stress will go; then we can all be about the Father’s business of advancing the Kingdom, rather than being in bondage and torment in struggling to get out of debt… in Jesus’ name. Amen!