Faith-Based Finances

Are you experiencing financial struggles
because your debt is growing out of control? 
If you recognize five or more of these statements
you are in danger of having out of control debt.

Warning signs of over-spending and too much debt

  • Charging items you might not buy if you were paying cash
  • Charging items you don’t need and then feeling guilty
  • You dip into your savings account for items and never replenish the supply
  • You have no savings account
  • You only shop at stores where you can “charge it”
  • You are reluctant to open bills from creditors
  • You let payments “slide” until the next paycheck
  • You’re still paying for last Christmas when this Christmas arrives
  • You have no budget
  • You’ve applied for more credit cards to enable you to pay off other credit card balance
  • 20% of after-tax income is spent on payments
  • You are generally late in paying your bills
  • You don’t know the total of all your debt
  • Minimum payments are the rule, rather than the exception
  • You’re at the cash register and you are concerned that the approval won’t come
  • Your credit cards are always near the limit
  • You use your credit card for everyday necessities such as food, gas and clothing
  • You are always considering some new debt to help pay off or consolidate some old debt
  • You borrow to buy things that you once purchased with cash
  • Your monthly interest charges are more than $35.00
  • You don’t think you could exist without credit
  • Creditors call you
  • You live paycheck to paycheck
  • You’ve paid late fees more than twice in the past year
  • You occasionally make late payments
  • You put off paying one bill so you can pay another
  • You argue with family members about money
  • You’ve taken money from your retirement fund to pay bills

Dealing with Debt

If you think your debt is out of control, don’t panic.  With a little bit of self-discipline and smart financial planning, you can quickly start down the road to reducing your debt.  The first step is to carefully examine your monthly budget.  By reducing your spending each month, you’ll have more money available to pay down high-interest debt.

Credit counseling organizations are another option.  These organizations can give you advice on how to handle your money and help you develop a budget to pay your bills and get out of debt.  Do your research first and find a reputable agency that will give you free information about the services it offers. 

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