This is how to avoid debt like a plague according to Pastor Kumuyi.
Debt is likened to bondage in scripture. It makes you feel uneasy at the approach of your creditor friends. Debt drains a Christian of joy.
When the sum total of what you owe is more than the sum total of what you have, you are in debt. Debts must be avoided. If you are in debt, you should sit down to plan how you will pay back. If the debt is so much that you cannot pay at a time, you can reach an agreement with the creditor to pay the money on monthly instalments. Based on your income, self-denial and self-control, you could set aside a sum of money every month to defray part of the debt. In this way, you will settle all your debts.
THIS IS HOW TO AVOID DEBT
- Spend with prudence.
- Have a priority list and stick to it.
- Make a comprehensive list of items that you need. From the comprehensive list, determine the most urgent and indispensable items.
- Use “list shopping” to resist the impulse items.
- Target “sale seasons”.
- Avoid browsing in stores with a large sum of money in your wallet.
- Avoid borrowing heavily on depreciating and consumable items.
Pastor W.F Kumuyi is the founder and general suprintendent of the Deeper Christian Life Ministry. This article was curled from his book ‘Marriage and Family Life’.