Janelle Esker Here at The Peaceful Haven, we talk a lot about relieving stress and overwhelm in one’s life. According to a recent CNN survey, 71% of Americans identify money as a significant cause of stress. Furthermore, 76% of households live paycheck-to-paycheck, and credit card debt is growing. For this reason, I want to explore The Easy Way To Pay Off Debt.
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- Proverbs 22:7: “The rich rule over the poor, and the borrower is slave to the lender”
- Proverbs 22:26-27: “Don’t be one of those who give pledges, who put up security for debts”
- Psalm 37:21: “The wicked borrow and do not repay, but the righteous give generously”
- Romans 13:8: “Owe no one anything except to love one another, for he who loves another has fulfilled the law”
- Proverbs 22:7: “The rich rule over the poor, and the borrower is slave to the lender”
Easy is a relative term, easiest may be more accurate. For my husband and I, the easy way to pay off debt was to commit it to prayer and automate it. Yep, anything you can automate makes life so much simpler! We also used Dave Ramsey’s Debt Snowball principle.
The Easy Way To Pay Off Debt
Step 1: List your debts from smallest to largest (regardless of interest rate).
Step 2: Make minimum payments on all your debts except the smallest debt.
Step 3: Throw as much extra money as possible on your smallest debt until it’s gone.
Step 4: Take the amount you were paying on your smallest debt and add that to your payment on the next-smallest debt until it’s gone, too.
Step 5: Repeat until each debt is paid in full and you’re completely debt-free!
*Thank you to Dave Ramsey for this amazing strategy!
“Many a man thinks he is buying pleasure,
when he’s really selling himself to it.”
– Benjamin Franklin
YOUR TURN…
What tips do you have for paying off debt?
Peacefully Yours,
Janelle
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