Getting into debt is one of the easiest things to do in our modern consumerist society. Part of the problem is that we all struggle with "keeping up with the Jones" and that leads us to accumulate thing we probably don't need. On the other hand, the cost of living has gone through the roof and we live paycheck to paycheck just to make ends meet. Before we know it, we're in debt and there doesn't seem to be any way to get out.
What does the Bible say about debt? The clearest verse on this topic would be Romans 13:8 - keep out of debt and own no man anything. I don't think we need to really dig any deeper to understand the intention of the verse :)
I've tried to live by this verse since my first job as a cashier at McDonald's at the age of 15. By being fiscally conservative, I always spent less than I made and never went into debt (w/ the exception of a car and house loan). I was also fortunate enough to go to college with scholarships, grants, parental support, and jobs so that I graduated without any student loan.
After graduating and entering the workforce, my interest in finance and wealth management grew and I began taking a more diligent role in managing my finances and learning as much as I could on increasing net worth. Having a firm handle on my finances has helped me avoid (unnecessary) debt, live a modest lifestyle, buy a house, and now (post marriage) live as a single income family (my wife - Sue - is a volunteer teacher at a parochial school).
I have learned a lot over the years and wanted to share some tips on getting out of debt (and hopefully not getting into debt to begin with). These tips will be shared in a series of blog posts and I hope you'll join me for the journey.
First post in the series:
Get Out of Debt! - Step 1: Know the Landscape