So this week is week 3 in the Financial Peace series, and the topic is "Dumping Debt." Here's what I'm thinking so far.
1. Talk about the culture of consumerism.
2. A short take on the Bible's perspective on debt. (It doesn't actually say all that much, so we have read between the lines for debt issues in our 21st century economy.)
3. Problems with debt can be symptoms of our lack of virtue: patience, self-control, faithfulness, contentment, peace, (not to mention wisdom, which may or may not be a virtue). Interestingly, most of these virtues are listed as "fruit of the Spirit" in Galatians 5. My hope here is to strike at the root rather than simply attacking the symptoms. We can work all our lives to get out of debt, and we might actually be able to do that, but still never deal with the internal issues which lead to high debt loads. (Granted: this whole sermon is pointed toward people in high income countries who accrue high interest debt or expensive mortgages simply as a personal choice. This is not to degrade those in poor countries who are forced into high interest loans each year to purchase seed for their farms.)
4. Basic strategies for getting out of debt.
What do you think?
3 comments:
If you really want to get out of debt you have to either cut way back on expenses, or get an extra job. From there you pay the minimum payments except for the smallest, and go crazy on that one until it is gone. From there take that payment and snowball it into the next largest, and so on.
For me, some of my debt was a bad choice, the consumerism of 'just one more thing' to be happy. Part of it was crisis, car reparis, etc. Part of it was maybe naiveness in thinking that was the only way I could have paid for college.
A biblical understanding of debt comes from; the year of jubilee, the admonition to lend money without interest.
Maybe it would be interesting to see if you could find out what a loan in the context of the new testament or the old testament cultures was typically used for, and if different contrast that to a western culture of indebtedness for a $1.00 ice-cream cone, etc.
Sounds good. Explaining the difference between the kind of debt many first-worlders have and the kind of debt many third-worlders have is crucial, I think.
I think it would also be good to talk about how we can distinguish between "good" debt" (e.g., student loans?) and "bad" debt (e.g., a ferarri).
Sounds good. Explaining the difference between the kind of debt many first-worlders have and the kind of debt many third-worlders have is crucial, I think.
I think it would also be good to talk about how we can distinguish between "good" debt" (e.g., student loans?) and "bad" debt (e.g., a ferarri).
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