PAYING YOUR DEBTS

There's a generation growing up knowing nothing of the Biblical adage to "Owe no man anythng." National debts keep on rising and the future of our youth has already been mortgaged.
When a country can't pay its debts the rot seems to filter right through the economy. I venture to say that if it became mandatory for all Companies to pay all debts by the old tradional 20th. of the month a large proportion of them would go under. Many a small man has been forced into bankruptcy because big firms wouldn't pay them on time.
However it is personal debt that is my special vendetta. For many years now I have had a mission in life - that is to reverse the trend and show people how to get rid of debt and enjoy that special privilege of paying bills as they come in. Maybe if enough people learned this habit the cumulative result would cure our country's ills.
Every year thousands of families are destroyed because of financial bondage. They encumber themselves with debts beyond their ability to repay. Every family has a "point of not return." If they borrow up to this point and some emergency tips them over, they lose their capacity to climb back again.
Too many times I have put figures on the computer to discover that not only is expenditure exceeding income but liabilities exceed assets. It's a no-win irretrievable situation that leads to insolvency and more often than not the break up of the marriage. Why do so many people fall into this trap? And I'm not talking about the compulsive spender or alcoholic. I've had professional and business people succumb to this temptation of borrowing more than their capacity to service. Proverbs 22:7 says, "The rich rule over the poor and the borrower is servant to the lender." So what do you do if you find yourself loaded up to the hilt with debt?
Firstly you need to set aside a night to pull all those bills out of the drawer and write down every thing you owe leaving the first mortgage out. Add up the whole raft so that you arrive at the total. Then add on a comfort level amount like $1,000 so now you have a target figure to aim for.
Secondly you need to acquire a mind-set about debt and determine that once you have extricated yourself from this bondage you will never, ever use easy credit again but save up for future purchases.
Thirdly you need to work out an economy budget eliminating all unecessary expenditure and reducing other expenditure. The housekeeping is the great variable and usually can be reduced with ease.
After you have the best weekly surplus you can achieve and maybe supplement this with overtime or extra work, go like crazy to pay off the debts. Try to eliminate the smallest ones first and have a little celebration with each finally repaid.
If you have any assets that you do not absolutely require then have a garage sale to get rid of a few more debts. It may be a long haul but don't give up as you will win out in the end.
Keep going until you have that $1,000 as a nest egg buffer.