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Everyone understands the importance of getting out of debt. For some, it is a dream that has no legs and they will always be in debt. Many times debt is so familiar that it becomes a way of life. However, debt robs people of their self esteem and enthusiasm for life.Getting out of DebtStrange as it may seem but many charities and churches find themselves in the same situation of not having enough income to manage the affairs of the church. Debt load increases and income decreases and eventually the doors remain closed. Pastors begin working two jobs and staff are cut or become part time employees. Bankruptcy is caused by having too much debt and not enough income to service the debt load. It is similar in a marriage.Statistics would indicate that many marriages get into serious trouble because of the debt load. Debt may well be the leading cause of marriage failure. Couples get themselves so deeply in debt that all their income goes to service the debt load and there is little remaining discretionary income to be used for enjoyment. Sadly, they don’t seek help soon enough.

Now is the time to get out of debt while interest rates are low. They are bound to increase by the end of the year or early next year. The more debt you can eliminate the more you will save.

So, what to do? How does one get out of debt. Here are 10 ideas to help you eliminate your debt forever!

1. Take the time to determine exactly how much money you owe and examine your income to determine if there are ways to increase your income. This may mean taking on a part time job for a while.
2. Examine what assets you could eliminate and apply the proceeds to reducing your debt load.
3. Talk to your creditors and ask them to work with you to pay off the debt by stopping the interest clock or reducing the rate of interest you are paying.
4. Whenever you can stop spending money and only purchase what you need and not what you want. Pay your creditors as soon as you get paid.
5. Work on retiring the debt with the highest rate of interest first and if possible give something to each creditor.
6. Monitor your expenses carefully and balance your bank records every month.
7. We have a booklet which you can purchase on this site called “349 Strategies to Save Money and Lower your Taxes”. At the risk of being too forward, download a copy and read it and re-read it. The tax strategies continue to change so if an idea pops off the page contact your financial advisor before acting on it.
8. If your creditors won’t work with your go to your municipal credit counseling services. Ask them to help you because they can arrange for your creditors to stop the interest clock.
9. Set aside a little money for some fun. Note the key word here is little.
10. Persevere and don’t give up. If you make a plan and work that plan you can be successful.

Now, if you are a church, you need to reduce your expenses and increase the size of your congregation. Examine ways of reaching out to the community by holding special events at the church. Send letters to people in your neighborhood and invite them to your church.

Preach a series on giving and generosity. You might even want to tie in our bible studies and daily devotions in order to teach stewardship principles. Just don’t keep doing the same old thing because it hasn’t gotten you any results so far. Read our report to the churches on How to Increase Funding For Your Church.