Some thoughts to consider regarding debt…

We, The Wife and I, met with a friend of ours who happens to be a crisis financial counselor. Which is good as we are in what would be considered a financial crisis. Here are a couple things to think about, if your up the creek as we are:

1: $500 to Discover, or buy groceries without putting them on the Credit Card?
2: Car payment or House payment? (Does that car have a shower?)
3: MasterCard charges 30% interest. Is it immoral for you to quit paying that card to feed and house your family?
4: Does your self worth come from your credit rating or from your relationship with God?

What it boils down to is priorities. When the crap hits the fan, remember what the real priorities of life are. My credit rating and card balances aren’t as important as caring for the family.

3 Responses to “Some thoughts to consider regarding debt…”

  1. January 13, 2009 at 7:10 pm

    Keep in mind the things you can do now to prevent it from getting even worse–you may be in a position where it’s either get a job or bankruptcy. Understand how not to rinse & repeat, though.

    And as repulsive as it may seem, you might want to look into what other programs there are out there to cover things like groceries…..

  2. January 15, 2009 at 4:03 am

    Man I wish I had wisdom enough to help. I believe that you’ll be faithful in prayer, action and giving and that you’ll make it through a better man and tighter family.

  3. January 23, 2009 at 10:23 pm

    Years ago when we were going through some nastiness with the IRS our attorney, a Christian, told us to keep things in perspective. “Your problem can be solved with money,” he said. “Any problem that can be solved with money isn’t really a problem.” (In comparision to death or disease, for example). The Rev. Mum is the real financial guru (for budgeting, debt-payment, etc.) and she can help, but one thing I know is that most creditors are willing to work with you if you reach out to them. Explain the situation, offer to pay something, stay in contact. We went through about a year-and-a-half period of un-or-under-employment, plus the IRS-hounds, and made it through. When we re-fi’d a few years ago to do some remodeling the loan officer gushed, “Your credit walks on water!” (They also wanted to loan us about 3 1/2 times what we were asking for, which we declined – that’s one of the ways we keep the credit rating that high). Anyway, we’ve got stories to tell and encouragement to offer. Don’t be a stranger.

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