Yesterday I posted a “Dear John” letter to debt. Although farcical, the sentiment was sincere. I am sick of giving my money to creditors for nothing. The conviction to ditch debt is derived from both financial and spiritual concerns.
I cannot serve God with all my heart, soul, mind, and strength, let alone give freely to all who ask, when I have a commitment to a creditor.
The Man of the House and I have tried many times to escape the debt trap only to be pulled back in by a minor slip-up or major expense.
This time it’s for real. Step one was cutting up the credit cards. There is still one hidden away for a real emergency but it is only in the name of the spouse with more spending control (no, I will not tell you who that is.)
Next, we created a debt elimination plan. Now, there are several resources out there to help with this. Searching the world wide web (heehee, does anyone still say that) will turn up plenty of options.
I personally prefer Crown Financial and their Debt Accelerated Payoff. They suggest paying off the lowest balance first, but if you prefer to pay off the highest interest first, just enter the amounts in that order instead.
Accelerated though it may be, it’s going to take some time. And some smarter spending, and some more income. Don’t worry, I have a plan.