“You need a credit card to rent a car or to make purchases online.”

“Car payments are a way of life, and you’ll always have one.”

“You need to take out a credit card or car loan to build up your credit score.”

“Debt is a tool and should be used to create prosperity.”

These are just some of the myths surrounding credit cards and debt. This week Dave is revealing the truth behind the many myths regarding debt in our culture. Credit cards and debt have been so successfully marketed to us that we often believe debt is an unavoidable way of life.

Living without debt requires a complete paradigm shift. Armed with the truth about these myths, we are able to see debt for what it is and change the way we approach purchases. Proverbs says that the borrower is slave to the lender. How would it feel to be 100% debt-free? How much could you give, save, or invest if you had no payments?

If you are currently in debt, the next Baby Step is to pay off all debt using Dave’s Debt Snowball technique.  If you have questions or would like to share how things are going so far, leave a comment below.  We’re here to support each other in the journey towards financial peace.

Action Items This Week:

Complete the Debt Snowball form. You can find it in your workbook or online here.

Discuss your Debt Snowball form. Singles, share your Debt Snowball form with your accountability partner and discuss how long it will take for you to become debt-free.  Review your budget to find ways to cut your spending and free up even more cash for you snowball.  Married couples, call a Budget Committee meeting to review the Debt Snowball form with your spouse. Brainstorm ways you can knock out the debt even faster.

Chop up some plastic. Get rid of those credit cards!


Let's Discuss

-Proverbs 22:7 says the borrower is the slave of the lender.  What would your life look like right now if you were totally free with no debt whatsoever?  What would you be able to do?

-If you have any credit or debit cards in your purse or wallet, take a moment to get them out right now.  While holding them in your hands, talk about the difference between these two types of cards.