## Concerning money and possessions, the Bible is sometimes extreme, sometimes shocking. When we come to Scripture, it’s for comfort, not for assaults against our worldview, right? Let *God* talk about love and grace, thank you. Let *us* talk about money and possessions—then do with them whatever we please.

Were we honest, that’s what many of us would say.

Some believers ask each other tough questions: “Have you been spending time in the Word? Sharing your faith? Guarding your sexual purity?” Yet how often do we ask, "Are you winning the battle against materialism?” Or, "Have you been peeking at those tempting magazines and websites? You know, the ones that entice you to greed?”

People are more open even about their sexual struggles than about battling materialism, which may be the final frontier. Some churches do talk about getting out of debt. I applaud that. But you can be debt free and still be stingy and greedy. We don’t need to become smarter materialists; we need to repent of materialism and become smart *stewards*.

Jesus sees our hearts and knows us well. He doesn’t call all disciples to give away everything. He *does* call us to take radical action that breaks our bondage to money and possessions, freeing us to live under His lordship. He calls all of us to dethrone all secondary treasures in order to elevate Him as our primary treasure. If we value anything or anyone more than we value Jesus, we are not His disciples.

What we do with our money doesn’t simply indicate where our heart *is*. According to Jesus, it determines where our heart *goes*. If our heart is where our treasure is ([Matthew 6:19-21](https://biblia.com/bible/esv/Matt%206.19-21)), then when we move our treasure somewhere else, our heart follows. This is a remarkable truth. If I want my heart somewhere I need to put my money there.

When people asked John the Baptist what they should do to bear the fruit of repentance, he told them to share their clothes and food with the poor. Then he instructed tax collectors not to collect and pocket extra money. Finally, he told soldiers not to extort money and accuse falsely, and to be content with their wages ([Luke 3:7-14](https://biblia.com/bible/esv/Luke%203.7-14)).

No one had asked John about money and possessions. Yet his answers showed that John couldn’t talk about spiritual change without addressing how people handle material things.

If John the Baptist were to visit us today, what conclusions would he draw about our attitudes and actions toward money and possessions? Would the evidence convince him we are true followers of Jesus? Or would he see us as baptized versions of the world’s self-preoccupied materialists?

## Microsoft executive Tricia Mayer wrote me, “Stewardship is the Christian life. It is about what we do with every resource given to us, every day we walk the earth, and every relationship we have. The difficult task of stewardship is mustering the discipline and will to manage the problem child called money.”

A steward is entrusted with wealth or property that does not belong to him. It’s his responsibility to manage that wealth in the best interests of, and according to the stated wishes of, the owner. God has given us life, time, talents, money, possessions, family, and His grace. In each case He evaluates what we do with what He’s entrusted to us.

The steward is granted by the owner sufficient resources and the authority to carry out his designated responsibilities. When it comes to financial stewardship, God hasn’t handed us a standardized checklist to mark off. Rather, He has provided us His Word with principles for effective financial stewardship—principles we have to wrestle with. A responsible steward consults the Owner, seeking His direction. This requires insight and wisdom far beyond our own. Scripture says, *“If any of you lacks wisdom, he should ask God, who gives generously to all without finding fault”* ([James 1:5](https://biblia.com/bible/esv/James%201.5)).

Do you truly desire God’s wisdom and empowerment in making difficult stewardship decisions (and evaluating your own heart)? *Then ask.* He won’t leave you in the dark. He has given you His Word and His Spirit to guide you.

- And you shall remember the LORD your God, for it is He who gives you power to get wealth ([Deut. 8:18](https://biblia.com/bible/esv/Deut.%208.18)).
- The LORD makes poor and makes rich; He brings low and lifts up ([1 Sam. 2:7](https://biblia.com/bible/esv/1%20Sam.%202.7)).
- Both riches and honor come from You, and You reign over all ([I Chron. 29:12](https://biblia.com/bible/esv/1%20Chron.%2029.12)).

Stewardship is living in the light of these truths. It’s living with the awareness that we are managers, not owners, of what God has entrusted to us for this brief season. How we handle money and possessions demonstrates who we *really* believe is their true owner—God or us.

John Wesley offered four questions to help decide how to spend money. Notice how the last three flow directly out of the first one:

- In spending this money, am I acting as if I owned it, or am I acting as the Lord’s trustee?
- What Scripture requires me to spend this money in this way?
- Can I offer up this purchase as a sacrifice to the Lord?
- Will God reward me for this expenditure at the resurrection of the just?

## If we really believe God is the owner of everything, shouldn’t we regularly be asking Him, “What do you want me to do with your money and your possessions?” And shouldn’t we be open to the possibility that He may want us to share large portions of His assets with those whose needs are greater than ours?

I spoke with a man who’d read *The Treasure Principle*, my book on giving. He owns a profitable business and believes for the first time that he knows why God has blessed him financially. It’s not so he can drive nicer cars and live in a nicer house. It’s to give it to build God’s kingdom. I told him about several different missions groups and prolife projects, and ways to help persecuted Christians. I wish you could have heard the excitement in his voice as he walked away determined to liquidate more earthly assets and dramatically expand his eternal investment portfolio!

This man followed through, and has given more and more over the years. He isn’t reluctant and guilt-ridden. He’s been liberated from material bondage, and is thrilled to have gotten onboard with what matters! He’s like the man who finds priceless treasure hidden in the field, *“Then in his joy he goes and sells all that he has and buys that field”* ([Matt. 13:44](https://biblia.com/bible/esv/Matt.%2013.44)). Do we pity the man for his sacrifices? No!We envy him both for his treasure and his *joy*.

If God is speaking to you, listen. *Nothing’s more fleeting than the moment of conviction. Never procrastinate obedience.* Once we stand before His throne, it will be too late to go back and reclaim a lifetime of squandered opportunities. Gazing into the eyes of the Christ we treasure, we’ll know exactly how we should have lived. God has given us His Word so we don’t have to wait to die to find out. And He’s given us His Spirit to empower us to live that way *now*.

*This article originally appeared in the Fall/Winter issue of* Eternal Perspectives, *EPM's quarterly magazine.*

*[Image](https://www.epm.org/static/uploads/newsletter_images/jar_of_coins.jpg) used with permission.*

Eternal Perspective Ministries, founded and directed by author Randy Alcorn, is focused on investing in what lasts for eternity, and helping others to do the same.

Eternal Perspective Ministries

Articles

Concerning money and possessions, the Bible is sometimes extreme, sometimes shocking.

Eternity Minded Stewardship and Giving

Remember when you learned to drive? You had to concentrate constantly on your steering, the foot pressure on the accelerator, and how much pressure to apply when breaking while constantly scanning your mirrors. It took intense focus, and having a drivers-ed teacher, or worse, a parent continually watching and judging your performance, it's a miracle you got through it! *But you did get through it.* After years of learning and gaining experience, you've developed a routine, *a habit,* that makes driving easy. The same can be true about developing good money habits.

Most of the things you do are subconscious actions done out of habit. Eating, brushing teeth, and many parts of your job are just a few examples of habits driving your behavior. __How we manage our money is also driven by good and bad habits,__ and that's why developing good money habits and discarding the bad ones is essential.

Habits form over time. When we engage in a repeat activity, we develop a pattern, a series of thoughts and behaviors that increase our ability to do that activity over and over again more quickly and efficiently.

Our emotions are a crucial part of any habit.__Humans gravitate toward anything that gives us pleasure and avoids anything that causes us pain. *This reality drives much of your spending.* __Don't believe me? Remember the last time you bought something you *really* wanted? How did you feel? It felt incredible, right? How about when you got an unexpected bill in the mail? Remember that feeling? Yeah, me too! Not my best moment.

__God's financial principles contain the wisdom to grow and maintain wealth.__ Looking at the four money habits the wealthy consistently engage in, which lead to their success, you will find that they align with God's principles. They are:

1. They spend less than they earn - Proverbs 21:20
2. They avoid taking on debt on depreciating items - Proverbs 22:7; 22:26
3. They save for future needs - Proverbs 6:6-8
4. They invest to grow their wealth - Ecclesiastes 11:2

It's important to note that most wealthy people in America didn't start out that way. __Most millionaires today are self-made, first-generation millionaires.__ A significant factor in their success is the consistent practice of these four money habits __before__ they were wealthy. There's nothing special about these people. They don't possess supernatural abilities or have some secret knowledge that the rest of us can't get. *They simply learned or developed good money habits over time, and so can you.*

Now, if you think being wealthy or pursuing financial growth is somehow unspiritual, let me tell you, it's not. God provides every ministry opportunity and the resources to get it done. Sometimes, taking care of needs requires money. The problem is that God's people often spend the money on themselves before God can steer it to his purpose.

__The Good Samaritan (Luke 10:25-37) is an excellent example of someone who had the compassion to help someone in need and the means (bandages, oil, wine, a donkey, and money) to get it done.__ Wealth in the hands of a good steward who is fully committed to God will accomplish much good in the world.

It is God’s desire that we join Him in the good work he is doing in our communities and throughout the world. To join God in this work, you have to be a good steward of the resource God has put into your hands, and developing good money habits will help you become that faithful steward.

## 5 Keys to developing good money habits

### 1. BECOME AWARE

You may have heard the phrase, "knowledge is power," but that's not entirely accurate. __Knowledge itself is not power; it's applied knowledge that's powerful.__ You must become fully aware of where your money is going, and knowing what you're making and spending is the first step to financial well-being.

The simplest way to do this is to track every expense. You don't need a fancy app, computer software, or a spreadsheet; pen and paper will do. __Tracking expenses is foundational to getting your finances under control and maintaining and growing your wealth.__

### 2. UNDERSTAND YOUR TRIGGERS

What triggers your spending? It's important to know where you're overspending money because it will lead you to discover what motivates your spending. __Much of our spending is triggered by our wants and desires rather than what we need.__ Having a financial plan (a budget) is a great way to define needs and wants ahead of time so you can combat the emotional triggers that cause overspending.

### 3. DETERMINE YOUR RESPONSE

Decide ahead of time how you will respond when you have the desire to spend. __The best way to control spending and manage money successfully is to have and live by a written budget.__ The budget will guide your spending, helping you stay in control and make the right decisions.

### 4. BUILD ROUTINES

Routines form habits. Every routine you implement, like recording every expense and saving before spending, will help you develop money habits that will help you reach your financial goals. __Without these routines, your financial decisions will be at the whim of your wants and desires.__

### 5. REPEAT, REPEAT, REPEAT

You learned to drive because you kept doing it until it became easy. Over time you got better at driving and had to think less and less of the specific individual functions you had to perform while driving. The same is true in developing good money habits.

Right now, it may seem daunting to manage your money and build good money habits. You'll need to focus, exercise discipline, persevere and overcome the desire to quit until you've gained the mastery to do it with ease. __Everyone has to go through this process to develop the financial habits that lead to financial health, and so can you.__

## Conclusion

Understanding Biblical financial principles is key to being a good steward, but knowing them isn't enough. __It isn't enough to know the benefits of saving, investing, and spending less than you earn; you have to practice these to experience the benefits.__ It's the practice part that we tend to struggle with and why developing good financial habits is necessary for achieving financial health and growing wealth to be used for godly purposes.

([image](https://www.christianstewardshipnetwork.com/blog/2022/8/18/5-keys-to-developing-good-money-habits) used with permission)

We teach church leaders the biblical perspective on finances.

Christian Stewardship Network

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To join God in this work, you have to be a good steward of the resource God has put into your hands.

5 Keys To Developing Good Money Habits

The stock market is rallying ... Unemployment is dangerously high ... The stock market is now crashing ... Consumer spending is rebounding sharply ... The economy is shrinking at an alarming rate.

Accompanying nearly every coronavirus update is a change in our financial world. It can be exhausting and stressful, but it is not unspiritual to think about money, to be concerned with the stock market, or to talk about your finances frequently.

Rather than avoiding money matters or addressing them with timidity, as many churches do, Jesus taught on the subject all the time. Did you know that Christ discussed money more than he did heaven or hell? Of the thirty-nine parables recorded in the Gospels, eleven are focused on money.

Your Lord addressed these issues so often because he knows we are easily seduced. He knows how quickly we can lose our way. He knows that we are susceptible to giving the love of our hearts to money.

This conversation about money is not just in the ministry of Jesus but also a recurring theme throughout all of Scripture. There are three significant elements that we need to be aware of if we want to have a heart that handles the temptations of money and a life that glorifies God with our finances.

## Gratitude

A grateful person is aware that they deserve nothing of all they possess and enjoy. If they remember this fundamental biblical theology, they will daily count their blessings and be thankful for the little things that would otherwise be taken for granted.

An attitude of ingratitude does just the opposite. If we tell ourselves that we deserve more than we have been given, we will live an entitled and demanding life. Never quite satisfied, we could easily justify a wasteful and selfish use of money.

*“Bless the Lord, O my soul, and forget not all his benefits.”* (Psalm 103:2, ESV)

## Need

Need is one of the most poorly and overused words in human culture. The majority of what we tell ourselves we need, we don’t actually need. We all are very skilled at loading our desires into our needs category.

This is a dangerous mistake. Once we have, we think it’s our right to demand these things, and therefore appropriate to do what is necessary to possess them. This leads to wasting all kinds of money satisfying “needs” that aren’t really needs, all the while feeling quite comfortable, because if it’s a need, it seems right to pursue it.

*“His divine power has given us everything we need for a godly life through our knowledge of him who called us by his own glory and goodness.”* (2 Peter 1:3, NIV)

## Envy

If you are unthankful and persuaded that you deserve more, and if you have been able to convince yourself that you need certain things that you do not have, you will invariably look over the fence and envy the person who appears to have what you have not yet been able to acquire.

Envious people are always taking account. Envious people are always comparing. Envious people are consistently placing things on their “they have, but I do not” list. Envious people regularly feel that they have been given a bad deal, so they justify spending what God has given them to steward to settle the score.

*“A tranquil heart gives life to the flesh, but envy makes the bones rot.”* (Proverbs 14:30, ESV)

As you handle your money, no matter how much you have, remember gratitude, need, and envy. Forgetting or neglecting these spiritual battles will cause you to be both self-oriented and foolish in your use of money.

To walk the pathway of spiritual maturity demands far more than financial education, mathematical skills, and budget discipline. In fact, it takes more than good theology and knowledge of biblical commands and principles!

Financial maturity requires powerful, rescuing grace. And when it comes to money, our hearts will rest contented only when they have been freed and protected by God’s amazing grace.

Grace is what we need, and by grace, grace is what has been supplied!

*“And my God will supply every need of yours according to his riches in glory in Christ Jesus.”* (Philippians 4:19, ESV)

##### Find more from Paul Tripp at PaulTripp.com.

([image](https://www.artrainer.com/post/3-things-to-know-about-your-money) used with permission)

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

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

There are three significant elements that we need to be aware of if we want a heart that handles money temptations.

3 Things to Know About Your Money

## If you’re a senior citizen who’s found that your golden years of retirement aren’t so golden, take heart. There are plenty of things you can do to make the money you have go further.

Here’s the list and while these will work for anyone, they may be especially valuable if you’re living on a fixed income:

- __Use the self-checkout aisle if one is available.__ Studies show that people actually spend less using those machines because they’re really paying attention to the prices rolling up on the screen. That cuts down on impulse buying. Knowing that you’re going to self-checkout is a psychological aid for sticking to your shopping list.
- __Get around the high price of beef by using ground chicken in your recipes like chile and tacos, instead of hamburger.__ If you simply must have a steak, buy a cheaper cut and marinate it a day or two in the fridge to tenderize it.
- __Set aside a space in the fridge for stuff nearing the end of its life, and then look for ways to add it to your recipes.__ You can also get really creative and make something entirely new out of your odd bits of cheese, leftover rice or pasta, and last week’s fruit and veggies.
- __When you’re cooking on top of the range, the burner you choose can either save, or cost, you money.__ Use the size burner that matches the bottom of whatever pot or pan you’re using, whether electric or gas. If the flames are curling up the side of the pan, or you can see a red coil outside the pot, you’re wasting energy.
- __Don’t use the oven just to cook or heat up a small dish with just a serving or two.__ That also wastes energy. Use your toaster oven if the dish will fit. It preheats faster and uses less than half the energy of the average oven. Or better yet, pop it in the microwave to save even more on energy costs.
- __You don’t have to give up fashion just because you’re living on a fixed income.__ You can now shop at online at upscale thrift shops for your clothing needs. Sites like ThredUp, Poshmark, The Real Real and Tradesy carry gently used clothing for a fraction of what it costs new. Will anyone really know if you’re wearing last year’s style?
- __Who doesn’t like giving gift cards to the kids and grandkids?__ You probably didn’t know that you can buy them on the cheap at sites like Raise, Gift Card Bin and Gift Card Granny. A card that someone else didn’t want could be a great birthday gift for a loved one.
- __Did you forget to pay a credit card bill and got a late fee?__ Maybe you were dinged for insufficient funds at your bank. If it’s just a one time thing, your bank or card issuer will probably waive the fee if you ask. It’s worth a call, anyway.
- __Do you have an unlimited data plan for your smartphone?__ That could be a money waster, especially if you’re at home a lot and using your wifi most of the time. Instead, call your provider to look over your usage and choose a lower price plan that still works for you, or better yet, get a prepaid plan. They tend to be cheaper and usually won’t require a contract.
- __You can also ditch your phone insurance. Have you read the fine print on that agreement?__ They tend to restrict the type of phone they’ll cover, plus they often come with a high deductible and lots of red tape to replace a lost, stolen or broken phone, not to mention the fee you’re paying every month. Instead, keep the cost of replacing your phone in your emergency fund. That’s what it’s there for.
- __If you stream TV content, you could be wasting money there, too.__ Take a close look at the terms of agreement for your streaming services. Many of them allow a certain number of household or family members to use their service. You might go “halvsies” with your kids on streaming apps that you share.
- __When driving, avoid quick stops and starts that use up gas and put unnecessary wear on your brakes.__ 

__Those are some ways seniors (or anybody) can save money. We hope you put them to good use.__

You can also __[listen](https://www.moneywise.org/search?q=Money%20Savers%20for%20Seniors&videos=true&articles=true&podcasts=true&posts=true&groups=true&events=true&support=true)__ to the related podcast on this topic.

Biblical Wisdom For Your Financial Journey

MoneyWise

If your golden years of retirement aren’t so golden, take heart. There are plenty of things you can do.

Money Savers for Seniors

Supreme Court Justice John Marshall once said, “The power to tax … is the power to destroy.” In the early 1800s, Marshall was actually defending the federal government against taxation by the states. But what defense do you have against taxation by the federal government? 
<ul><li>History has shown us that given the opportunity, government will almost always raise taxes. As the national debt continues to rise, there’s ever more reason for lawmakers to want more of your money.</li><li>Even with the recent downturn of the stock market, Americans still hold trillions in 401k accounts, and you can be sure that many federal and even state lawmakers would like to get a bigger piece of the 401k pie.</li><li>Now, we’re not talking about the federal government confiscating your retirement savings. That would be political suicide. It’s much easier for politicians to simply raise income taxes. So when the day comes that you withdraw funds from your 401k, you pay more in income tax.</li><li>SOMETHING YOU SHOULD KNOW ABOUT 401Ks</li><li>You have to understand something about the 401k, and for that matter, the traditional IRA, as well. One of the huge tax benefits of those plans is also a weakness. </li><li>Money goes in tax-deferred, meaning grow now, pay later. Contributing to these plans has always made sense because most of us assume that our income will be lower in retirement when withdrawals are taxed as regular income.</li><li>The weakness is that the government can always increase taxes on 401ks and traditional IRAss in the future. And there’s plenty of reason to do it.</li><li>It’s one more thing you can blame on the coronavirus pandemic. Business shutdowns and high unemployment caused a huge drop in government revenue. Add in the cost of relief programs, and you have federal and state governments looking for ways to overcome budget shortfalls, even more than usual.</li><li>So no doubt, some lawmakers are looking at the trillions held in these accounts as the solution, and that’s why we might expect tax hikes down the road.</li><li>So what’s your defense against that possible outcome? Well, first of all, you don’t want to stop contributing. Qualified retirement plans have a range of benefits that you should take advantage of.</li><li>But you should heed the warning in Ecclesiastes 11:2, “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”</li><li>That biblical principle tells you to diversify your retirement holdings. The same way you spread out your holdings in stocks versus bonds — or by holding equities in different sectors of the economy — you can also diversify between taxable and non-taxable income streams in retirement.</li><li>If you have a 401k, the easiest way to do that is by putting some of your money in a designated Roth account if your plan has that feature. This is a Roth account within your 401k where you would contribute “after tax” money. Later in retirement, withdrawals of those contributions and earnings will be tax-free. So you’re setting up a tax-free income stream in retirement.</li><li>Of course, there are limits to what you can contribute to a Roth 401k, those deposits count against the total allowed for 401k contributions. In 2022, the limit is $20,500, or $27,000 if you're age 50 or older.</li><li>If your 401k plan doesn’t offer a Roth option, you would still want to contribute enough to get the maximum employer contribution if there is one. After that, if you still have discretionary income to invest, you could open a Roth account outside of your 401k, which, of course, you should do if your employer doesn’t offer a 401k at all.</li><li>Okay, by now you might be thinking, “If government can raise taxes on withdrawals from 401ks and traditional IRAs, it can also start taxing Roth withdrawals.”</li><li>It could, but politically, it wouldn’t be nearly as easy to start taxing Roth accounts as it would be to simply raise taxes on the other plans. Roth accounts were specifically created to have tax-free withdrawals. It’s the whole reason for their existence, and remember, Roth contributions are already taxed going in. It would be far more difficult for lawmakers to suddenly “do a 180” and effectively “double tax” Roth accounts.</li><li>Now, there’s one more possible hedge against future tax hikes, and it’s actually using a taxable brokerage account. It would allow you to get around the contribution limits of qualified retirement plans, although you would incur taxes year to year.</li><li>So it’s not a great option, but if you’re able to max out your contributions to a 401k and Roth and still have money to invest, a regular brokerage account is probably the way to go.</li></ul>On this program, Rob also answers listener questions: 
<ul><li>Is it unbiblical for a married couple to have separate checking accounts? </li><li>Can you allocate VA money to a spouse with the veteran in question is in long-term care? </li><li>Is there a good way to build a budget on a smartphone app? </li></ul>RESOURCES MENTIONED: 
<ul><li><a href="https://app.moneywise.org/">MoneyWise App</a> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to <a href="mailto:questions@moneywise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://moneywise.org/">MoneyWise.org</a> where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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

Supreme Court Justice John Marshall once said “The power to tax is the power to destroy.” ﻿ In the early 1800s, Marshall was defending the federal government against taxation by states but what defense have you against taxation by the federal government?

Hedging Against Tax Hikes

We all need to learn from our financial mistakes to be good stewards. Rob West shares that fortunately, God’s Word is full of wise advice.

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

We all need to learn from our financial mistakes to be good stewards. Rob West shares that fortunately, God’s Word is full of wise advice.

Learning From Financial Missteps

A fast food chain once used the slogan, “Have it your way.” Ever wonder why credit card companies don’t use it? If you glance over a few credit card agreements, you’ll quickly see that issuers write them to pretty much have things their way. But not always. Some things are negotiable. We’ll fill you in on this MoneyWise. 
<ul><li>We’ve talked before about how Americans are a bit too complacent. We don’t like to haggle over prices, which is a way of life in many countries around the world.</li><li>We might walk away if we don’t like the price of something, but we usually don’t think to ask for a better deal.</li><li>Now, when it comes to credit cards, it would be a good idea to get over that reluctance. The Federal Reserve says that Americans owe nearly <a href="https://www.newyorkfed.org/newsevents/news/research/2022/20220802#:~:text=Aggregate%20limits%20on%20credit%20card,in%20more%20than%20ten%20years.">$1 </a><a href="https://www.newyorkfed.org/newsevents/news/research/2022/20220802#:~:text=Aggregate%20limits%20on%20credit%20card,in%20more%20than%20ten%20years.">trillion</a> in credit card debt. The average household balance is over <a href="https://wallethub.com/edu/cc/credit-card-debt-study/24400">$8000</a>.</li><li>Obviously, the best solution is to pay down credit card debt, but while you’re doing that, you can do a few things to make it easier.</li><li>And we’re certainly not talking about negotiating to have your balance lowered. That’s called a settlement, and while folks sometimes find themselves in a financial predicament where they have to negotiate a settlement, we always want to avoid that and pay our debts in full.</li><li>Proverbs 37:21 reads, “The wicked borrows but does not pay back … ”</li><li>So just what can you negotiate with credit card companies? And actually, there’s really not a lot of “negotiating” required. For the most part, we’re really talking about just asking for something and waiting for a yes or no. So it’s a pretty simple process.</li><li>So let’s look at interest rates and fees. The plastic in your wallet is a great convenience at times, but it’s not cheap, even if you pay your balance in full every month.</li><li>The typical credit card may come with as many as four different fees, and the biggest money maker for the issuers is the late fee, which could run as high as $35 every time you’re late making a payment. The vast majority of people simply pay it, not realizing there may be a better way to handle it.</li><li>And that would be simply making a phone call to your credit card issuer and asking to have the fee waived. The number’s right on the back of the card. And we have some pretty good data on how effective this can be.</li><li>CreditCards.com asked 1600 cardholders about their experience when calling their issuer and simply asking for a better deal. They focused on three areas: reversing a late fee, waiving or reducing an annual fee, and a really important request … lowering the interest rate.</li><li>The survey revealed something quite surprising. A full 85% of cardholders who made at least one request got what they wanted.</li><li>It was also surprising to learn that not a lot of people know this because only three out of five cardholders in the survey reported making such a request.</li><li>The survey broke down the success rates for each type of request: late fees, annual fees, and lower interest rates.</li><li>In each case, the results were largely positive. Those asking to have a late fee waived were successful about 85% of the time. More than half were able to get their interest rate lowered, again, just by asking.</li><li>But maybe more surprising, almost 3/4 of those asking to have their annual fee waived were successful. It’s true that only about 30 percent of credit cards have an annual fee, but for those that do, they’re pretty high, averaging well over $100. </li><li>But again, the survey showed that not many people are aware that a simple phone call might get their annual fee eliminated. Only 18% of those polled had ever asked for it. Even more disturbing, they were much more likely to ask for a credit limit increase.</li><li>Okay, the numbers clearly show that your chances of success are more than 50-50, sometimes a lot more. But why are credit card companies so willing to give in? </li><li>Two words for you there: balance transfer. They know all too well that most of their cardholders can simply take their business elsewhere by transferring their balance to another issuer’s card.</li><li>And they don’t want to lose you even if you pay off your balance every month, because they still make a lot of money in vendor fees when you use their card. So they have a vested interest in keeping you happy.</li><li>One final thought: in these days of inflation and rising interest rates, it may be more difficult to get a lower rate, but it’s all the more important to try.</li></ul>On this program, Rob also answers listener questions: 
<ul><li>Would you have to pay a gift tax after receiving a large gift from a family member? </li><li>At age 62 with adult children, do you still need life insurance? </li><li>Would it make sense to refinance your first home and use equity to purchase a second property?</li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to <a href="mailto:questions@moneywise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://moneywise.org/">MoneyWise.org</a> where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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