__Often a bad habit doesn’t start that way. Maybe it’s just something fun that you do with others, and only on weekends. But before long you’re doing it everyday, and hiding it. You’ve developed a credit card habit.__

Falling into the grip of plastic can feel like an addiction, but as with any bad habit, there’s a way to wean yourself from it.

__To be clear, the Bible doesn’t call debt a sin, but neither does God’s Word encourage it.__ Some debt is acceptable, if it promises a return that’s greater than the cost. That might be for education, buying a home or starting a business. 

Credit card debt is *not* acceptable when it’s used to fund a lifestyle that you can’t afford. There is no return and the interest payments are a huge net loss to your finances. It also limits how much God can use you for Kingdom work.

We mainly talk about two things here at *MoneyWise,* God and money. Specifically, *managing* money to *glorify* God. You can’t do that if you’re up to your neck in credit card debt.

## __So if you’re caught in a repeating cycle of using credit cards and you’re falling behind each month as your balance and interest payments grow, you’re not alone.__

Even though that’s not how God wants you to manage His* *resources, remember, He owns everything … He’ll never forsake you. 1 Corinthians 10:13 tells us,* “No temptation has overtaken you that is not common to man. God is faithful, and He will not let you be tempted beyond your ability, but with the temptation He will also provide the way of escape, that you may be able to endure it.”*

__First, you need to do is pray.__ Ask God to send His Spirit to strengthen you and lead you. Pray for wisdom and encouragement as you commit to managing your finances according to biblical principles. Ask and you will receive.

__Next, you can take a simple, practical step to start weaning yourself off of credit cards.__ It was the focus of a study a few years back with several thousand participants, all of whom were in credit card debt.

Participants were asked to follow something called the “$20 rule.” They agreed not to use a credit card to purchase anything that cost less than $20. If that resulted in them spending less money, they could apply the savings to their credit card balance.

The study lasted six months and those who followed the rule saw interesting results. By using *cash* for all purchases under $20, those participants on average reduced their credit card balance by just over $100.

That may not seem like much, but consider that even though the balance reduction was modest, it pointed in the right direction, *downward*. The upward trend of debt was reversed.

Also, it showed that even small changes in behavior can have a positive effect on your finances. Remember Zechariah 4:10, *“Do not despise these small beginnings.”*

That $100 balance reduction was the average for the entire group and when the researchers drilled down further into the data, they saw even better results.

Younger credit card users, those under 40 who typically use their credit cards more than 10 times a month, had the biggest** reduction. They lowered their balances by $175 over the six months.

That makes sense, of course. __It’s proven that the more someone uses cash, the less they spend. It’s psychologically more difficult to shell out real dollars than to use a credit card.__

If you have credit card debt, try the $20 rule for breaking the plastic addiction. As you pay down your debt and bring your finances in line with God’s principles, He can use you more fully to further His Kingdom. JH

__If you’re overwhelmed by credit card debt and not able to make even your monthly minimum payments, there’s help for you.__

One of MoneyWise's content partners, Christian Credit Counselors, can help you get on a debt management program that lowers your interest rates and helps you pay off your debt up to 80% faster. Trained professionals there take a biblical approach to paying off debt. Find out more at [ChristianCreditCounselors.org](http://christiancreditcounselors.org/).

Biblical Wisdom For Your Financial Journey

MoneyWise

Articles

If you’re caught in a repeating cycle of using credit cards and you’re falling behind each month, you're not alone.

Breaking the Plastic Addiction

When I was 18 years old, my dad cosigned an application so I can get a credit card. I don't recall our conversation. I just remember getting the credit card because somehow, I talked my dad into cosigning with me. I never asked my dad why he did it. I guess it's because I know what he would say. To him, I was a risk worth taking, and I'm sure he believed I would own up to the responsibility of making the payments. I'm happy to report he's never had to make a payment on my behalf. __Still, my dad cosigning for me was a mistake, but not for the reasons you might think.__

## God’s view of consigning or guaranteeing a debt

Although the Bible doesn't specifically use the word "cosign(ing)," it definitely addresses the topic and instructs us against doing it. In the book of Proverbs, a book of wisdom, we find several passages that provide the perspective God has on this practice.

*Whoever puts up security for a stranger will surely suffer harm, but he who hates striking hands in pledge is secure. [Proverbs 11:15 (ESV)](https://www.biblegateway.com/passage/?search=Proverbs%2011%3A15&version=ESV)*

*One who lacks sense gives a pledge and puts up security in the presence of his neighbor. [Proverbs. 17:18 (ESV)](https://www.biblegateway.com/passage/?search=Proverbs%2017%3A18&version=ESV)*

*Be not one of those who give pledges, who put up security for debts. If you have nothing with which to pay, why should your bed be taken from under you? [Prov. 22:26-27 (ESV)](https://www.biblegateway.com/passage/?search=Proverbs%2022%3A26-27&version=ESV)*

Those scriptures seem pretty clear and straightforward to me. I wish the Bible were as clear on every topic as it is on this one. Proverbs 6:1-5 even provides instructions for getting out of this type of mess should someone knowingly or out of ignorance get into it. __God makes it abundantly clear through these Scriptures that we should NOT cosign or guarantee debts.__
### 
### YET, MANY CHRISTIANS STILL ENGAGE IN THIS PRACTICE, ESPECIALLY WHEN IT COMES TO THEIR KIDS OR GRANDKIDS.

I've heard many reasons for cosigning from parents and grandparents. Some ended in tragic financial situations. Others turned out fine, giving them a reason to believe they did the right thing. __The thing that most people miss or never seem to question in these transactions is God's will.__

I'm a parent, a grandparent, a brother, and a son. If any of my family members ask me to cosign for them to get a loan or a credit card, there is an intense desire within me to help. I'm not unique in this. We ALL, out of our love for our family, want to be there for them, especially when they have a genuine need. But __we cannot ignore or disregard God's will__ in all this, and __He's made it pretty clear this is not the way to do it.__

### GOD KNOWS WHAT THAT FAMILY MEMBER NEEDS AND CAN BE TRUSTED TO PROVIDE FOR THEM.

If it's something God has deemed as necessary, God will provide that need without you having to step in and do something God said not to. God will sometimes involves him withholding things from his children. We don't always understand why he does this, but we can trust him because he has full knowledge of all circumstances, something we lack, and always does what is right and good.

![](https://images.squarespace-cdn.com/content/v1/5b28b3e945776e86f5212567/1621270229833-Y8VAP1JTC02UUMHT7UVZ/ke17ZwdGBToddI8pDm48kJK4Mm1kch8SFO9ZNkN1NT97gQa3H78H3Y0txjaiv_0fDoOvxcdMmMKkDsyUqMSsMWxHk725yiiHCCLfrh8O1z5QHyNOqBUUEtDDsRWrJLTmN9YSRtfoTLg6dUq-6F17A0FFZK5fArcnK1IqGweyunyWChwIwkIJ_P7MaZif-uMs/blog+quote+smg-5.png?format=750w)

Romans 8:28 reminds us that __"*all things work together for good,*" even the things that happen as a result of God saying, "no."__ It's a struggle for us to watch a loved one do without, and because we don't fully understand everything that's at stake, we must rely on God's word to instruct us in these situations. Otherwise, our hearts will lead us to make the wrong decision that may hurt us both.

__The primary reason for not cosigning is to prevent overriding God's will in someone's life.__ We may think we're helping by providing someone a way to get money, but as my pastor once said, "If a problem can be solved by money alone, it's not a real problem because real problems can't be fixed with money." __It is more important that we help a person remain in God's will than help them get what they think they need.__

## How should we help?

We should always obey the word of God and never use it as an excuse for not helping others. Although we should never cosign for someone, __we should also not refuse to help them when we can.__ Our response to helping will differ depending on the situation. However, we must first take the time to understand the problem entirely. Second, pray and seek God's word, and third, the counsel of our spouse (if married) and trusted godly friends. Then, and only then, can we make a good decision.

### WAYS YOU CAN HELP:

- You could make a gift for the amount they need.
- Provide them the money as a loan, but only if you can accept that should they not pay you back, you will forgive the loan and not have any ill will toward them. If you can't do this, don't loan them money.
- Help them get what they want on their own
Financial education - share resources that will make them better stewards.
One-on-one financial coaching - coach them to become better managers of their finances.
Credit repair or improvement - help them qualify for a reasonable loan without a cosigner.

__In what ways have you avoided cosigning for someone but were still able to help?__

. . .

*If you're a pastor or spiritual leader, consider joining our CSN community. We are a group of passionate Christ-followers with a burden to teach and equip God's people with God's financial principles so they can live purpose-filled and generous lives. [Sign up for our mailing list](https://mailchi.mp/christianstewardshipnetwork.com/signup) to get new content from CSN directly to your inbox!*

We teach church leaders the biblical perspective on finances.

Christian Stewardship Network

When I was 18 years old, my dad cosigned an application so I can get a credit card.

The Seldom Thought of Reason for Not Cosigning

Taking the next step in your financial journey isn’t always easy.

I have met with several people over the years who struggle to get started with paying off their debt. They are loaded with car loans, student loans, and credit card debt. Yet, they find it difficult to get off the starting block and begin crushing their heavy burden.

They don’t enjoy being in debt. It is stressful and places significant limitations on their lives. So why don’t they start their debt payoff journey? Here are a few reasons I’ve come across:

__1. Some simply don’t know what they don’t know.__ They know they have debt, but they don’t understand the real, future ramifications of their debt—that often their financial situation is fragile and unsustainable. They don’t understand the amount of money they’re losing because of interest. They don’t understand the opportunity cost—what they could be doing with their money instead of making debt payments. They simply don’t know what they don’t know.

__2. Going after debt requires a confrontation with reality.__ I’ve had conversations with men and women who would rather keep their heads in the sand. They get uncomfortable when it comes to facing their financial reality, and therefore, avoid it altogether. Why do they not confront reality? The next two points will answer that question.

__3. Going after debt requires a change in lifestyle.__ Paying off debt requires a dramatic shift in the household budget. First, spending more than one makes must stop. Attempting to pay off debt while simultaneously accumulating debt is a fairly poor strategy. Second, margin within the budget must be created so that additional payments can go toward existing debts. The result of these two moves is often a significant change in lifestyle. And some are just not ready for this sacrifice.

__4. Some choose a public façade over the fear of feeling ashamed.__ Lifestyle changes become obvious to friends and neighbors. Those aggressively paying down their debts must say “no” on a regular basis. They must say “no” to eating out, vacations, and extracurricular activities. They must cease the façade—the perception of wealth they’ve created. And some are afraid that they will feel ashamed because of this. So, they never take the next step.

__5. Some don’t know what to do.__ Their mountain of debt seems overwhelming, and they have no idea what to do about it. They want to get out of debt, but they don’t know how to accomplish this. They are paralyzed by a lack of knowledge, and therefore, never get started.

Are you someone who has yet start your debt-free journey? If so, let me encourage you take that next step. Just to be honest, the journey is not always easy. It requires sacrifice, discipline, and hard work. But even though the journey is not always easy, it is always worth it.

Follow the [8 Money Milestones](https://www.artrainer.com/8-money-milestones). When you get to Milestone 4, use the [debt snowball method](https://www.artrainer.com/post/3-reasons-why-research-says-the-debt-snowball-works). You can do this. Start getting rid of that generosity killer as soon as possible.

You were meant for more. Your money was meant for more. You and your money are meant for an exciting, adventurous, and satisfying purpose. You were designed to live and give generously. And deep inside you know this and want this.

Art Rainer

Debt

Taking the next step in your financial journey isn’t always easy.

5 Reasons Why Some Never Start Their Debt-Free Journey

Debt is a severe problem in our culture. Everywhere we look, from most governments to a majority of individuals throughout the world, debt is a way of life, with consequences from mild to severe. There are many opinions regarding debt and its impact, but what really matters, especially for us professed Christians, is what the Bible says about it.

There are surprising few scriptures that address this topic of debt. Literal translations, depending on which one you look to, only show between 10 to 12 verses on the subject, and none of them address the morality of it. Yet, in speaking with most Christians, you will find their opinion leaning toward a moral (right or wrong; good or bad) understanding. A few spiritual leaders even go as far as defining debt as sin or a result of the disobedience of God's laws and impose strict rules for congregation members to avoid it. Get into any debt, and you're like to be ostracized or removed from fellowship.

## What is debt?

__Debt is something, typically money, that is owed or due.__ That's it! Notice the definition doesn't qualify debt as good or bad; it's simply a condition. Being in debt is owing someone something with the expectation that it be paid back at some point in the future. To ascribe morality to a debt situation is to form an opinion as to why the debt was created and judge the person(s) accordingly.

The problem with this approach is that we often get it wrong because there are many reasons people get into debt, sometimes of their own choosing and other times not. The widow of 2 King's 4 found herself in debt and at risk of losing her sons because her husband passed away, and she could not satisfy his creditors. Should we judge her as being in sin or disobedient toward God's laws because she was in debt?

__The Bible doesn't say debt is a sin or a result of disobedience.__ We assume it does, but not because it says it directly, but because of what we've heard or what we've interpreted from other scriptures we've read. Here are the Biblical references to debt and what they mean:

> [Deuteronomy 15:1](https://www.biblegateway.com/passage/?search=Deuteronomy%2015%3A1&version=NKJV) - Debt is to be __released__.

> [1 Samuel 22:2](https://www.biblegateway.com/passage/?search=1%20Samuel%2022%3A2&version=NKJV) - Those who were in debt came to David.

> [2 Kings 4:7](https://www.biblegateway.com/passage/?search=2%20King%204%3A7&version=NKJV) - __Pay__ your debts.

> [Nehemiah 10:31](https://www.biblegateway.com/passage/?search=Nehemiah%2010%3A31&version=NKJV) - __Forgo__ the exaction of every debt.

> [Proverbs 22:26](https://www.biblegateway.com/passage/?search=Proverbs%2022%3A26&version=NKJV) - Do not become guarantors for debts.

> [Matthew 6:12](https://www.biblegateway.com/passage/?search=Matthew%206%3A12&version=NKJV) - __Forgive__ us our debts, as we __forgive__ our debtors.

> [Matthew 18:27, 30, 32, 34](https://www.biblegateway.com/passage/?search=Matthew%2018%3A27%2C%2030%2C%2032%2C%2034&version=NKJV) - __Forgive__ because your debts have been __forgiven__.

> [Luke 7:42-43](https://www.biblegateway.com/passage/?search=Luke%207%3A42-43&version=ESV) - He who is __forgiven__ much (debt) loves much; he who is __forgiven__ little (debt) loves little.

> [Romans 4:4](https://www.biblegateway.com/passage/?search=Romans%204%3A4&version=NKJV) - Wages, like a debt owed, must be __paid__.

> [Colossians 2:14](https://www.biblegateway.com/passage/?search=Colossians%202%3A14&version=ESV) Jesus __canceled__ the record of debt we owed by nailing it to the cross.

__The Bible's central message regarding debt is that it should be released/canceled, paid, or forgiven.__ It doesn't always refer to debt as financial, and it overwhelmingly focuses on *our response* to debt situations while only referencing one verse instructing us not to guarantee a debt. __Another way to state this is that ninety percent of the scriptures using the word debt are about how we should respond to it, and only ten percent on avoiding it.__

Am I saying debt is something we should engage in? No! I don't believe financial debt should be a pursuit for anyone, especially Christians. But we should not ascribe morality to debt issues or simply judge them to be wrong in all situations. Doing so would be unfair and could lead to all kinds of abuses.

### TO BETTER UNDERSTAND DEBT AND ITS IMPLICATIONS, WE MUST CONSIDER THE ACTION THAT PRECEDES DEBT, WHICH IS BORROWING.

Like debt, the Bible has few verses that specifically use the word borrow(er) (ing), but those few verses are enough to give us the insight and wisdom we need.

## __What the Bible says about borrowing:__

> [Exodus 22:14 ](https://www.biblegateway.com/passage/?search=Exodus%2022%3A14&version=NKJV)- If anything is borrowed,it should be __paid__ __back__. If what is borrowed is lost or injured, __full__ __restitution must be made__.

> [Ps 37:21](https://www.biblegateway.com/passage/?search=Ps%2037%3A21&version=NKJV) - The __wicked __borrows but__ does not pay back__, but the __righteous is generous and gives__.


The Bible is clear that when something is borrowed is should be paid back. Someone refusing to repay reveals a wicked heart and not the generous and giving heart God wants us to have. __It's imperative that when we engage in any borrowing, we consider our ability to repay.__ Borrowing without having a sure way to pay violates another principle, the principle of surety. More on this later.

> [Deuteronomy 15:6 ](https://www.biblegateway.com/passage/?search=Deuteronomy%2015%3A6%20&version=NKJV)- If you are __faithful__ in __obeying__ God's commandments, you will be blessed and able to lend and __not borrow.__

> [Deuteronomy 28:12](https://www.biblegateway.com/passage/?search=Deuteronomy%2028%3A12&version=NKJV) - You will __lend__ to many nations __but not have to borrow__.

> [Matthew 5:42](https://www.biblegateway.com/passage/?search=Matthew%205%3A42&version=NKJV) "__Give__ tohim who asks you, and from __him who wants to borrow from you do not turn away__.


According to these scriptures, faithfully obeying God's commandments results in being blessed, giving you the ability to lend, having no need to borrow.  Being a lender is better than being a borrower, but not for the reason you may think. Because of our materialistic culture, we usually think of lending as a way to increase or make a profit; that's not how God looks at it. According to the Bible, lending is __not__ about increasing profit; it's about being generous toward those in need ([Leviticus 25:37](https://www.biblegateway.com/passage/?search=Leviticus%2025%3A37&version=NKJV); [Matthew 5:42](https://www.biblegateway.com/passage/?search=Matthew%205%3A42&version=NKJV); [Exodus 22:25](https://www.biblegateway.com/passage/?search=Exodus%2022%3A25&version=NKJV)), something we're all encouraged to do.

> [2 Kings 4:3 ](https://www.biblegateway.com/passage/?search=2%20Kings%204%3A3&version=ESV)- Go outside, __borrow__ __many vessels__ from your neighbors, empty vessels, and __not too few.__

> [2 Kings 6:5](https://www.biblegateway.com/passage/?search=2%20Kings%206%3A5&version=ESV) - "Alas my master! It was borrowed."

__Sometimes borrowing is necessary.__ The widow was encouraged to borrow many vessels to have more oil to sell to repay the loan her husband had made and then provide for her and her sons enough to live on. One of the sons of the prophets borrowed an ax, which he used to make a dwelling for himself and others. These examples suggest that borrowing should be limited to providing for the things we need.

> [Proverbs 22:7 ](https://www.biblegateway.com/passage/?search=Proverbs%2022%3A7%20&version=ESV)- The rich rule over the poor, and the __borrower is the slave__ __of the lender__.

One thing is sure; __borrowing leads to obligations and loss of freedom.__ I have counseled too many people who felt trapped and enslaved by their debt. Many of them knew God was calling them to something different, but the debt kept them from being able to pursue it. Their house, cars, and big-screen TV, or whatever else they borrowed to purchase, kept them from doing what they were designed to do. __Without realizing it, they chose the temporal over the eternal__ ([Luke 9:25](https://www.biblegateway.com/passage/?search=Luke%209%3A25&version=NKJV)).

> [Jeremiah 15:10](https://www.biblegateway.com/passage/?search=Jeremiah%2015%3A10&version=ESV) - I have not lent, nor have I borrowed, yet all of them curse me.
> 
> [Isaiah 24:1-2 ](https://www.biblegateway.com/passage/?search=Isaiah%2024%3A1-2&version=NKJV)- Whether a borrower or a lender, it doesn't matter; all will be subject to God’s judgment.

Being a lender or a borrower can create relational tensions and conflicts. At the end of our life, God alone will rightly judge our actions, whether they were wise or foolish. This is worth remembering and should always influence our decisions. People are prone to judge our actions. Our best approach is to ignore the judgment and opinions of others regarding debt and instead seek to understand and obey God's word on the matter.

If you find yourself in debt, know that God loves you and he cares about your situation. God loves you as you are. __Having debt won't reduce his love toward you, and being debt-free won't increase it.__ Debt, however, should be avoided because it has a way of directly affecting our relationship with God in two primary ways.

### __1. DEBT PRESUMES ON THE FUTURE.__

[James 4:13-15 ](https://www.biblegateway.com/passage/?search=James4%3A13-15&version=ESV)warns us not to make plans to prosper whileignoring God's will and purpose. Instead, we should embrace the mindset, *"If the Lord wills, we will live and do this or that." *Pursuing our will is too often the reason debt is created. We seek to be increased with goods instead of increasing our faith and dependence on God.

James takes it one step further. Since we do not know what the future brings, he tells us that acting in ways that presume on the future is boastful, arrogant, and evil. A majority of borrowing today presumes on the future. It's making a pledge or guarantee to repay without having a sure way of doing so. The Bible refers to this as surety and strongly warns us against engaging in such acts ([Proverbs 6:1-5](https://www.biblegateway.com/passage/?search=Proverbs%206%3A1-5&version=ESV); [Proverbs 11:15](https://www.biblegateway.com/passage/?search=Proverbs%2011%3A15&version=ESV); [Proverbs 17:18](https://www.biblegateway.com/passage/?search=Proverbs%2017%3A18&version=NKJV)).

### __2. DEBT DENIES GOD THE OPPORTUNITY TO PROVIDE WHAT WE "REALLY" NEED__.

God knows what you need, and he's promised to provide. The problem is we chose to define our needs by our standards, rejecting God's provision as not being enough. We then do whatever it takes to get what we want, even if it involves borrowing. __We fail to realize that sometimes God's way of providing what we need the most is to deny us what we want the most.__

## __Conclusion__

I have learned much about debt, borrowing, and lending over the years, and I'm still learning. It's not as black and white, right or wrong, as I wish it were. I'm not sure why this is the case. I assume it's primarily to cause me to go to the One who has the answer and can provide the wisdom I need in every situation.

. . .

*If you're a pastor or spiritual leader, consider joining our CSN community. We are a group of passionate Christ-followers with a burden to teach and equip God's people with God's financial principles so they can live purpose-filled and generous lives. [Sign up for our mailing list](https://mailchi.mp/christianstewardshipnetwork.com/signup) to get new content from CSN directly to your inbox!*

Blog

What does the Bible say about Debt?

For many Americans, the pandemic is starting to fade away like a bad dream but for others the economic impact is an ongoing nightmare. Millions of jobs were lost in the U.S. due to COVID and not all have returned not by a long shot. That’s pushed many folks deeper in debt. John Jodka with Christian Credit Counselors tells host Rob West the best way to manage that debt. 
<ul><li>Folks at Christian Credit Counselors are on the front lines educating and helping folks whose debt has gotten out of hand. Just how bad did things get with the COVID pandemic?</li><li>What are the pros and cons of the most common strategies borrowers may encounter? </li><li>Dealing with creditors directly:<ul><li>Pros:<ul><li> Straightforward (creditors offer help directly to consumer). Generally, keeps the accounts open and in good standing.</li></ul></li><li>Cons:<ul><li>Solutions are usually short-term, 6-12 months.</li><li>May not be the most favorable terms a creditor could offer.</li></ul></li></ul></li><li>Debt settlement:<ul><li>Pros: <ul><li>Potential to pay back less than full balance owed.</li><li>Client does not have direct contact with creditors.</li></ul></li><li>Cons:<ul><li>For-profit companies, high fees.</li><li>Accounts must first go to collections.</li><li>No guarantee of successful settlement, collection activity may continue.</li><li>Severe damage to credit score. Aside from bankruptcy, it’s the most negative way accounts can be reported.</li></ul></li></ul></li><li>Debt management:<ul><li>Pros:<ul><li>Debt Management Agency works in partnership with creditors to reduce monthly payments and APRs.</li><li>Accounts remain in good standing/balances are paid in full/ positive credit reporting.</li><li>Accounts are paid off more quickly than other methods.</li><li>One-on-one counseling to help realize long-term solutions.</li></ul></li><li>Cons (not really cons, just requirements): <ul><li>Accounts are closed by the creditors once the plan is approved.</li><li>Consistent monthly payments are required in order to maintain benefits. </li></ul></li></ul></li><li>What happens when someone with a debt problem calls Christian Credit Counselors?</li><li>Can you share a story that illustrates what Christian Credit Counselors can do for folks struggling with debt?</li><li>What principles or verses guide what you do at Christian Credit Counselors?</li></ul>Link to <a href="https://www.christiancreditcounselors.org/">Christian Credit Counselors</a>.
Next, Rob answers these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org: 
<ul><li>If your granddaughter is an authorized user on her parents' checking account and it was overdrawn, would her credit be affected?</li><li>What's the best way to save and invest your funds if you are aged 44, have about $35,000 a year surplus, are a small business owner and no current retirement accounts?</li><li>Who can you turn to for help if insurance companies are denying paying you on disability insurance you have taken through your credit cards as third party policies?</li><li>Can your Mom, who is retiring with a 457 plan, pull some funds out to pay off her mortgage, and how should she invest the remaining balance?</li></ul>Next, Rob has a MoneyWise Market Update with Bob Doll. They discuss the jobs report, increasing wages, and potential inflation figures for the next 12 months. Be sure to check out the rest of MoneyWise.org to connect with a MoneyWise Coach or access our books and our many free helpful resources. You can also find us on Facebook (MoneyWise Media) and join the conversation. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just click the Donate tab at the top of the page.

Listen to MoneyWise Live each weekday at 4pm EST on Moody Radio.

MoneyWise Live

Millions of jobs were lost in the U.S. due to COVID and not all have returned not by a long shot. That’s pushed many folks deeper in debt. John Jodka with Christian Credit Counselors tells us the best way to manage that debt.

Managing COVID Debt With John Jodka

For many Americans the pandemic is starting to fade away like a bad dream but for others the economic impact is an ongoing nightmare. Millions of jobs were lost in the U.S. due to COVID and not all have returned not by a long shot. That’s pushed many folks deeper in debt. John Jodka with Christian Credit Counselors tells us the best way to manage that debt. 
<ul><li>Millions of Americans lost their jobs during the Covid pandemic and householddebt increased to over $14.6 trillion. As restrictions lift, millions of Americans find themselves returning to work, but unable to effectively deal with the debt they incurred just to make ends meet over the last 18 months.</li></ul><ul><li>John offers some helpful strategies to deal with the debt. </li></ul><ul><li>The first strategy that many people use is dealing with their creditors directly. This tends to be very straight forward and generally keeps the accounts open and in good standing, but solutions are usually short term and they may not be the most favorable terms a creditor could offer.</li></ul><ul><li>The other strategy to consider is debt management. This is the best strategy by far. The benefits of this strategy are that the debt management agency works in partnership with creditors to reduce monthly payments and APRs and accounts remain in good standing and balances are paid in full. Accounts are paid off more quickly than other methods and one-on-one counseling helps realize long-term solutions.</li><li>A couple negatives of this strategy include accounts being closed by the creditors once the plan is approved and consistent monthly payments are required in order to maintain benefits.</li></ul>Here are a couple of questions we answered from our callers on this program:
<ul><li>My credit score has gone down and I’m trying to build it up again. How can I get my credit rating back up?</li><li>What would you say to someone working for a non-Christian employer in a sales role tied to a worldly product/service?</li></ul>Ask your questions at (800) 525-7000 or email them to <a href="mailto:Questions@MoneyWise.org">Questions@MoneyWise.org</a>. Remember, you can call or email us 24/7. Visit us online at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and download free resources like the MoneyWise app. Like and Follow us on Facebook at MoneyWise Media to join the latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West and Steve Moore, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

MoneyWise with Rob West

Debt can be overwhelming, oppressive in fact especially when trying to eliminate it. Rob West encourages you to not give up because better days are ahead!

The MoneyWise Minute is a great way to be reminded of God's financial principles with actionable items you can easily apply to your daily life.

MoneyWise Minute

Debt can be overwhelming, oppressive in fact especially when trying to eliminate it. Rob West encourages you to not give up because better days are ahead!

Oppressive Debt

In this episode we answer questions about inheritances, savings bonds, and digital retirement platforms. Plus, we make fun of Taylor’s dancing. It is a great episode!


Listener questions answered:


When one adult child is a very poor money manager, what is the best way to set up a will so that an inheritance does not make the problem worse?


While reading your new book, "The Money Challenge for Teens", you mention the importance of no minimum balance and low trading fees. Do you recommend online investment platforms such as Betterment for Roth IRA's? Why or why not?


Are bond checks worth investing and giving as a gift?


Notes:


Taylor's Hilarious Dance Video | [https://bit.ly/3gI11vv](https://bit.ly/3gI11vv)


The Essential Emergency Binder | Buy it here: [https://bit.ly/3qsNYAm](https://bit.ly/3qsNYAm)


Episode Sponsor:


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The More Than Money Podcast helps listeners get financially healthy for the sake of giving and living generously. In each episode, Art Rainer provides fun, practical, biblically-based financial advice through interviews and listener questions. Our goal with this podcast is for you to understand God's design for you and your money as you learn to give generously, save wisely, and live appropriately.

More than Money

Episode 41 | 5 Lessons Learned From Paying Off Our Mortgage

5 Lessons Learned From Paying Off Our Mortgage

When does it make sense to borrow from your retirement account?

The Ron Blue Institute seeks to be a thought leader with great influence committed to changing the way Christians think, act, and communicate about financial stewardship, empowering the church, and changing the world.

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