Personal Finance Basics: Debt
Do you feel the burden of debt—the constant payments, the rising interest, the lack of margin? Debt is a tool that can become a burden that limits generosity and future potential. Many of us use debt to make it through the month and if that is where you currently are, that’s OK. Let’s continue to learn more about personal finances. First we learned about our income and how it is a powerful wealth building tool that God uses to provide for us. We then discussed our expenses and how as stewards it's up to us to make wise decisions with the money God has given us. Now what happens when we spend more than we make at any given time? Often time that leads us into debt. Some common causes of debt are lifestyle creep, keeping up with the Jones’s, purchasing a house, purchasing vehicles that are more than our budget, medical bills, furnace goes out, student loans, signature loans, payday loans, having poor insurance coverage, and retail thera...