Supernatural Help to Get Out of Debt
Sunday, September 22, 2024 | Pastor Darryn Scheske
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“I am the true vine, and My Father is the Gardener...you are the branches. He who abides in Me, and I in him, bears much fruit; for without Me you can do nothing. If you abide in Me, and My words abide in you, you will ask what you desire, and it shall be done for you. By this My Father is glorified, that you bear much fruit; so you will be my disciples.” –Jesus, John 15:1,5,7–8 NKJV
“Credit Card debt more than 90 days overdue rose to 10.7% during the 1Q 2024, a 12-year high.” IBJ, June 6, 2024
The Williams Family, Indianapolis
Overspent budget to buy a home at 8.1%
Payment is 50% of their income
$11,000 in credit card debt at 30% —NBC Nightly News, Sept 18, 2024
5 Financial Categories
1. Struggling
2. Surviving
3. Stable
4. Secure
5. Surplus –Ron Blue, Master Your Money
1. Money problems are spiritual issues.
Money is Americans’ 2nd-biggest source of stress —APA.org
Over 40% of Gen Z and Millennials report experiencing “money dysmorphia.”
“Between TikTok and having your friends around you, you’re pressured to buy the things because you want to fit in.” –creditkarma.com
2. The primary issue is contentment and it must be learned.
I have learned to be content whatever the circumstances. I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well-fed or hungry, whether living in plenty or in want. Philippians 4:12
3. Debt enslaves the borrower
The borrower is a slave to the lender. The poor are always ruled over by the rich, so don’t borrow and put yourself under their power. Proverbs 22:7, NIV/MSG
Do not conform to the pattern of this world… Romans 12:2
5 Biblical Financial Principles
1. Spend less than you earn [build]
2. Avoid the use of debt
3. Build margin (save)
4. Set long-term goals
5. Give generously – Ron Blue, Master Your Money
World’s plan for your paycheck
Spend, spend, spend!
10-10-80
God First 10%
Save Second 10%
Live on the rest 80%
10-10-80 Budget
God First (Tithe)
Save Second (WIF)
Dog (god)
Mortgage
Utilities
Food/Groceries
Fuel/Auto Maintenance
Ins. Auto/Home/Life
Phone/Internet/TV
Scuba stuff
Wife’s mystery fund
(No college payment)
(No car payment)
The problem with greed is that it masks as need
You’ll never get out of debt doing the same things that got you there
Child’s laws of ownership
· If it is in my hand, it's mine.
· If I can take it from you, it's mine.
· If I had it a little while ago, it's mine.
· If it is mine, it must never appear to be yours in any way.
· If I'm doing something or building something, all the pieces I need are mine.
· If it looks just like mine, it's mine.
· If I think it's mine, it's mine....
The earth is the Lord's and everything in it. 1 Chronicles 29; Psalm 24:1
Q: DOES God own it all?
For the eyes of the Lord range throughout the whole earth, to show Himself strong on behalf of those whose heart is loyal to Him. 2 Chronicles 16:9
4. God uses money to demonstrate His power
If you abide in Me, and My words abide in you, you will ask what you desire, and it shall be done for you. John 15:7, NKJV
Sources
Experian (2023). "Experian 2023 Consumer Credit Review"
Experian (2023). "Experian Study: U.S. Consumer Debt Reaches $16.84 Trillion in Q2 2023."
Experian (2023). "Experian State of Automotive Finance Market Q2 2023."
Experian (2023). "Average Credit Card Balances up 13.2% to $5,910 in 2022."
Federal Reserve (2023). "Household Debt and Credit."
Federal Reserve (2023). "Delinquency Rate on Credit Card Loans, All Commercial Banks."
Federal Reserve (2023). "Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan."
Federal Reserve (2023). "Household Debt Service Payments as a Percent of Disposable Personal Income.”
TransUnion (2023). "Credit Industry Snapshot."
USAToday (2023) "Average debt in America: 2023 statistics"
IBJ (June 6, 2024) More struggling with credit card debt in potentially bad sign for economy - Indianapolis Business Journal
APA Report “Money is Americans' second-biggest source of stress — right below "work" and above "the economy"
Qualtrics for Credit Karma, “29% of US adults reported experiencing money dysmorphia; 45% of Gen Z and millennials said they were “obsessed” with the idea of being rich.”
Quartz Northwestern Mutual Survey, “Only one-third of Americans with at least $1 million worth of investable assets considered themselves “wealthy”.
Credit Karma, “Survey finds that people are not as financially literate as they thought” Gen Z and Millennial participants scored only 54.9% and 55.1% respectively on a financial literacy test.
Federal Reserve (2024), In first quarter of 2024, the top 1% of American households (1.3 million in total) held 30% of collective wealth, up from 23% in 1990. Meanwhile, the share of wealth held by the bottom 50% (66 million households) shrunk to just 2.5%.
Resources
If you would like meet with our someone from the Heartland Church ministry team to help you assess your financial situation and explore options to get out of debt or guidance on God’s financial principles,...link here
Debt payoff apps can help you keep track of all those numbers, plus offer useful budgeting features like debt calculators and expense tracking.
Check out this Compound Interest Calculator. The longer you save, the greater the multiplication effect. This is how you experience exponential growth in your savings.
Register for a “God Owns it All” Small Group
Start Saving Now!
Wesleyan Investment Foundation (WIF) is a ministry partner at Heartland Church. For over 75 years WIF has been creating investment win-wins for investors and ministries around the world. Money invested with WIF earns competitive rates, is easily accessible to you, and is used to advance the Kingdom of God by making loans to local churches.