{"id":913,"date":"2019-10-03T00:37:43","date_gmt":"2019-10-02T15:37:43","guid":{"rendered":"https:\/\/bluebook.mylifehouse.com\/financial-freedom-step-3\/"},"modified":"2024-02-08T16:44:38","modified_gmt":"2024-02-08T07:44:38","slug":"7-steps-to-financial-freedom-step-3","status":"publish","type":"post","link":"https:\/\/bluebook.mylifehouse.com\/zh-hans\/7-steps-to-financial-freedom-step-3\/","title":{"rendered":"Step 3: Get Out Of Debt"},"content":{"rendered":"<h3>Get Out of Debt &#8211; The Borrower Is Slave To The Lender<\/h3>\n<p>&nbsp;<\/p>\n<p><strong>Debt is a Weight Around Your Neck that Holds You Back<\/strong><br \/>\nYou will never be able to move into financial freedom as long as you have the weight of debt holding your back.<br \/>\nWhatever you save or invest is reversed by your debt.<br \/>\nIt is better to remove the debt first, then move onto building wealth.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Is Debt A Sin?<\/strong><br \/>\nIn the Bible, there is nothing positive written about debt.<br \/>\nIt is not mentioned as sin, but there are many cases where it is mentioned as not wise.<br \/>\nIn fact God sent Jesus to pay our debt of sin, not to give us a debt!<\/p>\n<div  class=\"x-accordion-group\" ><div class=\"x-accordion-heading\"><a id=\"tab-662c514a09f6a\" class=\"x-accordion-toggle collapsed\" role=\"tab\" data-x-toggle=\"collapse-b\" data-x-toggleable=\"662c514a09f6a\" aria-selected=\"false\" aria-expanded=\"false\" aria-controls=\"panel-662c514a09f6a\"><i class='x-framework-icon x-shortcode-accordion-icon' data-x-icon-s='&#x2b;' aria-hidden=true><\/i><span>Proverbs 22:7<\/span><\/a><\/div><div id=\"panel-662c514a09f6a\" class=\"x-accordion-body x-collapsed\" role=\"tabpanel\" data-x-toggle-collapse=\"1\" data-x-toggleable=\"662c514a09f6a\" aria-hidden=\"true\" aria-labelledby=\"tab-662c514a09f6a\"><div class=\"x-accordion-inner\">The rich rule over the poor, and the borrower is slave to the lender.<\/div><\/div><\/div>\n<p>What power does the lender have over the borrower?<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Attack Your Debt<\/strong><br \/>\nThe only way to get out of debt, is to get mad at your debt and attack it.<br \/>\nYou do not need to save, eat out, or go on holidays, instead use any extra money you have to clear your debts.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>What Is Debt?<\/strong><br \/>\nAnything that you did not pay for in full is a form of debt.<\/p>\n<p>&nbsp;<\/p>\n<p>This may include:<\/p>\n<p>-Credit Cards<br \/>\n-Student Loans<br \/>\nIn Japan 40% of graduates have $30,000 or more in student loans or so called \u201cscholarships\u201d that must be repaid.<br \/>\nIn the USA 70% of graduates have an average student debt of $30,000 or more.<br \/>\nOther countries are also similar.<br \/>\n-Family loans<br \/>\n-Personal loans<br \/>\n-Car loans<br \/>\n-Housing loans<\/p>\n<p>&nbsp;<\/p>\n<div  class=\"x-accordion-group\" ><div class=\"x-accordion-heading\"><a id=\"tab-662c514a09fdd\" class=\"x-accordion-toggle collapsed\" role=\"tab\" data-x-toggle=\"collapse-b\" data-x-toggleable=\"662c514a09fdd\" aria-selected=\"false\" aria-expanded=\"false\" aria-controls=\"panel-662c514a09fdd\"><i class='x-framework-icon x-shortcode-accordion-icon' data-x-icon-s='&#x2b;' aria-hidden=true><\/i><span>Proverbs 6:1-5 (NIV)<\/span><\/a><\/div><div id=\"panel-662c514a09fdd\" class=\"x-accordion-body x-collapsed\" role=\"tabpanel\" data-x-toggle-collapse=\"1\" data-x-toggleable=\"662c514a09fdd\" aria-hidden=\"true\" aria-labelledby=\"tab-662c514a09fdd\"><div class=\"x-accordion-inner\">(1) My son, if you have put up security for your neighbor, if you have shaken hands in pledge for a stranger,<br \/>\n(2) you have been trapped by what you said, ensnared by the words of your mouth.<br \/>\n(3) So do this, my son, to free yourself, since you have fallen into your neighbor\u2019s hands: Go\u2014to the point of exhaustion\u2014and give your neighbor no rest!<br \/>\n(4) Allow no sleep to your eyes, no slumber to your eyelids.<br \/>\n(5) Free yourself, like a gazelle from the hand of the hunter, like a bird from the snare of the fowler.<\/div><\/div><\/div>\n<p>What does God say we should do with our debt?<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Debt Snowball<\/strong><br \/>\nList your debts smallest to largest by amount owed, without worrying about interest rates.<br \/>\nPay minimum payments on all of the debts and put any extra money you can squeeze from your budget onto the smallest one.<br \/>\nOnce that first debt is paid, you can take the extra payment you were putting toward that debt and attack the next debt on the list.<br \/>\nOnce the next one is paid, take that extra payment and start paying extra on the next debt.<br \/>\nYou can knock out all your debts one by one with a great sense of momentum like a snowball growing.<br \/>\nThe debt snowball is less about math, and more about getting mad at your debt, starting with small victories that lead to great momentum.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>When Can I Be Debt Free?<\/strong><br \/>\nTo calculate how long until you are debt free, simply divide the total debt amount by your monthly savings.<br \/>\nIf you don\u2019t have any extra money or the timeline is too long, you will need to adjust your budget or get a second job.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Get Out of Debt &#8211; The Borrower Is Slave To The Lender  &#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[38],"tags":[739],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Step 3: Get Out Of Debt - | The Blue Book<\/title>\n<meta name=\"description\" content=\"Debt is a Weight Around Your Neck that Holds You Back. 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