How to Manage Debt

This article gives a biblical perspective on handling debts. For many, finances are not a matter of faith, but it should be. II Kings 4:1-7 tells of a widow with two boys. The widow’s husband had outstanding debt which the widow could not pay, so the owner of the debt was going to take the boys into slavery to fulfill the debt. Elisha told the woman to fill jars with her oil. Even though she had very little oil, miraculously, the oil filled all the jars she had collected and she was able to sell them to pay the debt and raise her boys. "Go, sell the oil and pay your debts. You and your sons can live on what is left." Many times, we must “sell our oil” and live off of what we have left. The blessings of God our abundant if we are obedient to the word and do not store our excess for ourselves, we will find the blessings of God.

Difficulty: Moderately Challenging

Instructions

Things You'll Need:

• Faith
• Perseverance
• Debt

1. Sell the Oil: Selling the oil is obvious to some, but not for others. We have obligations to our family to support them, first and foremost. Once that obligation has been fulfilled, we can live off of the excess. Notice that Elisha tells her first to pay the debts then to live off what is left. I think of times when I eagerly awaited a paycheck in order to make a selfish purchase and then had trouble making my bills. I’m not suggesting that it is wise to spend the excess selfishly, but to spend the excess after your duty to your family has been fulfilled. There are certainly many lessons on how to spend the excess.

2. Pay your debts: In the verses, you will find that the widow’s husband loved the Lord. So, if we are called to be good stewards, financially, why did he have debt? Speculation would be that he required the debt in order to support his family or that he made poor choices which caused the debt. In either case, it’s important to note that the miraculous filling of the jars was an illustration of the forgiveness of the debt by God. Had the debt been unforgiveable, there would not have been mercy for them. Don’t forget that you are never in over your head to God. It may seem that way, but place your faith in him and begin to make wise financial choices and you will receive forgiveness of that debt the same as the widow. Always make sure to pray for God's will and seek His word before resorting to debt consolidation loans or other programs.

3. Live on what is left: The payment of the debt is the mercy of God. What is left is the blessing of God. That blessing may be the simple provision of your family or it may be in excess of what is necessary provision. Spend the excess wisely when you have it. Do not fall into a selfish temptation. The Lord will bless you even more, with joy and peace, if that excess is used in a way that honors Him. This is not to say, that you can’t own a new TV, for example, rather your spending of the excess should not overshadow the reflection of Christ in you.

4. Many people find it easier to manage thier bills and thier debt by using a software. My wife and I use a software call mVelopes. They have a 30 day free trial. Check the link below in the resources section for details.

Resources

• mVelopes 30 Day Free Trial

[L1onherd]

on 4/10/2008 Great Article!!!