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4 Steps to Paying off Debt Forever

Paying off debt—something everyone wants to talk about but almost no one wants to do.

Last week, we discussed building up an emergency fund as a safety net for life’s challenges. Today, let’s shift our focus to paying off all debts—a significant step toward financial freedom.

The Bible reminds us:

“The rich rules over the poor, and the borrower is the slave of the lender.” – Proverbs 22:7

Let’s dive into practical steps for debt repayment:

Step 1: Prioritize your debts based on balance (excluding the mortgage), from the smallest to the largest—car loans, credit cards, student loans, etc.—regardless of interest rates.

Step 2: Time to get creative! Sell any extra items lying around the house. Use every extra rand and cent to pay off your smallest debt.

Step 3: Once the smallest debt is paid off, redirect the balance towards the next debt in line. The faster you get there, the better!

Step 4: Keep the momentum going. Take what you’ve paid on the first and second debts to pay off the third debt, in almost half the time. This creates a ‘snowball effect.’

Keep at it, and on average, your debts will be paid off in 36-72 months, maybe even less! You’ll feel a weight lifting off your shoulders.

Imagine being debt-free—free from bondage and no longer a slave to your lenders. God is faithful to help us through this process, and partnering with Him gives us the strength to defeat the Goliath of debt.

We can’t wait to hear your debt-free testimonies! 🌟💸

Be Blessed

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