Day 10 - Escape the Debt Trap

• Scripture
  • + - Proverbs 6:1-5

    • My son, if you have put up security for your neighbor, have given your pledge for a stranger, 2 if you are snared in the words of your mouth, caught in the words of your mouth, 3 then do this, my son, and save yourself, for you have come into the hand of your neighbor: go, hasten, and plead urgently with your neighbor. 4 Give your eyes no sleep and your eyelids no slumber;

      5 save yourself like a gazelle from the hand of the hunter, like a bird from the hand of the fowler.

      + - TSK Proverbs 6:1

      • + - if thou be surety for thy friend

        • ~ Proverbs 11:15; Proverbs 17:18; Proverbs 20:16; Proverbs 22:26; Proverbs 27:13; Genesis 43:9; Genesis 44:32,33; Job 17:3; Philemon 1:18,19; Hebrews 7:22

      • + - if thou hast stricken thy hand with a stranger,

        • To strike, or join hands, was an ancient form of entering into contracts in all counties and all ages.

  • + - 1 Timothy 6:9-10

    • But those who desire to be rich fall into temptation, into a snare, into many senseless and harmful desires that plunge people into ruin and destruction. 10 For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs.

• Thoughts
  • + - Theirs: Escape the Debt Trap
    • + - 1. Pray.
      • Ask for wisdom and strength to do your part as God does His.
    • + - 2. Create a Spending Plan.
      • It’s not restrictive; it’s efficient and freeing.
    • + - 3. List everything you own and owe.
      • Reality is your ally. Sell anything you don’t need.
    • + - 4. Retire debt quickly by using the snowball method:

      • Add as much as you can to the payment of your smallest debt. When paid off, add its payment to your next smallest debt so that each payoff results in larger payments on the next in line. Continue until the last debt is zero.

    • 5. Consider earning additional income for debt repayment—not more stuff!
    • + - 6. Consider selling your house, car(s), etc.
      • —a radical lifestyle change may be required to get rid of large debt.
    • 7. Don’t give up!
  • + - Mine
    • + - Don't pledge security for another person's debt.
      • ~ Proverbs 6:1-5; 11:15; 17:18; 20:16; 22:26; 27:13
      • Proverbs 6:1-5
      • + - Proverbs 11:15

        • Whoever puts up security for a stranger will surely suffer harm, but he who hates striking hands in pledge is secure.

      • + - Proverbs 17:18
        • One who lacks sense gives a pledge and puts up security in the presence of his neighbor.
      • + - Proverbs 20:16

        • Take a man's garment when he has put up security for a stranger, and hold it in pledge when he puts up security for foreigners.

      • + - Proverbs 22:26
        • Be not one of those who give pledges, who put up security for debts.
      • + - Proverbs 27:13

        • Take a man's garment when he has put up security for a stranger, and hold it in pledge when he puts up security for an adulteress.

    • Don't go into debt myself.