Posted by: orquideablanca | October 2, 2008

Owe nothing – don’t get into debt


Picture by Kevin.

Prov 22:26,27
Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.

Romans 13:7,8
Give everyone what you owe him: If you owe taxes, pay taxes; if revenue, then revenue;
if respect, then respect; if honor, then honor. Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law.

It’s a commandment to not get into debt:
o Always pay (with real money, debit card) for everything you need
o When tempted to charge credit, make note of it and review it 1 week later, if you still want it, consider it for another week, if you still want it, ask for second opinion, then decide if its wise to purchase

For building good credit purposes:
 With a credit card or dept. store card, ALWAYS owe less than 50% of the credit line
 When you purchase on credit, charge only the amount you can pay off on 2 months, max
 For a very important/big purchase, make a game plan that includes savings, fund-raising and bargain shopping, refer to points two previous points.

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Responses

  1. Another idea for your credit card is to put it in a plastic container filled with water. Put the lid on the container and place it in the freezer overnight. Then when the urge to spend comes, you have a long time to wait for the water to melt, during which you can meditate on whether you really need to make the purchase.

  2. What a fantastic idea. Thanks for sharing!

  3. […] into debt 02 Oct 2008 | 04:04 pm | Category: Uncategorized       College Admissions wrote an interesting post today onHere’s a quick excerptFor building good credit purposes: […]


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