6 Tips to Help you Get out of Debt | Beyond Small Talk

Are you drowning in debt right now? Is it still possible to break free from the chains of debt and get out of that financial hardship?

Yes! Even during a pandemic, there is always hope to those who want to begin their journey to financial freedom – through God’s wisdom and mercy.

Check out these tips from Beyond Small Talk hosts Peter KairuzMarvin Germo, and Randell Tiongson.

Tip #1: Practice discipline and self-control 

Getting out of debt is not easy, but by God’s grace, it is possible.

Don’t let money control you, instead, start controlling your money. It’s time to stop taking on new debt and start cultivating good, disciplined spending habits.

Tip #2: Acknowledge and understand that acquiring debt is bad for you 

Are you relying on that credit card to make ends meet? 

As finance advocate Randell Tiongson puts it, it is not totally bad to borrow money when you use that money in buying assets, investing, or financing business that is already earning. However, it is equally important to realize that borrowing money is not normal and is not good for you in the long run. 

“If they think having debt is normal, there will be no change in direction. They will just keep on borrowing. Their lifestyle will not change,” Stock Market Trader Marvin Germo said.

Being buried in debt for a long time can make you think it is normal to be in that rut. But, it is not. Your journey to being debt-free requires changing the way you think about debt. It is good to stop for a while and ponder before swiping that card again. 

Tip #3: List down your needs and wants 

Listing down your income, expenses, and debts will give you a clear picture of your cash flow and would help you handle your finances the right way, according to Marvin. 

As you do, draw a clear line between your needs and wants, and start removing your ‘needs.’ Stick to your budget and live within your means. 

Tip #4: Sell as much as you can

Got a furniture, appliance, or gadget in your house that you can sell to clear off debt? It’s time to roll up your sleeves! Find stuff that you do not use anymore and organize a yard sale or hit up the online marketplace.

Tip #5: Practice the snowball effect 

How much debt do you have?

List down all your debts, from the largest amount to the smallestTo avoid ‘debt payment fatigue,’ you may practice the snowball effect. It is a debt reduction strategy where you start paying the smallest debt to largest.

Tip #6: Cut your credit card if you can’t control your spending 

If your debts are steadily mounting, Marvin suggests to “Cut that credit card and do not borrow again until you have paid it, or don’t borrow at all.

Paying debt is a test of self-control and character. Likewise, it shapes who you are as a steward of God’s blessings.

Are you drowning in debt right now?

Don’t lose hope! Apply these tips, seek God’s leading, and obey Him as you journey toward your debt-free life.

“Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.” (Romans 13:8 NIV)

If you’re in a difficult financial situation, we would like to pray for you. Don’t hesitate to call the CBN Asia Prayer Center at 8737-0700 or send in your prayer requests to our Facebook page.

Has this article blessed you? Tell us about it in the comments section below and don’t forget to catch the next webisode of Beyond Small Talk on Saturday, July 18, 2020 at 7:00 PM on The 700 Club Asia Facebook page and YouTube channel. 

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