The Debt Penalty: a trap or a solution?

Excerpt from Pastor Uju Irukwu’s message at the last Sunday service

(Genesis 8:28) Seed time and harvest are the bedrock of everything we do. There are seasons and principles you must work in. The kind of seed you sow will determine your harvest; your generosity or stinginess will determine what you receive.

The power of positive thinking comes from the Bible; David encouraged himself in the Lord although the enemy had captured his people. The kind of life you will have tomorrow can be determined today. The words we speak are the seeds we sow in our future. Three things can determine our future:

1) Plan

2) Diligence

3) Gratefulness

What do you want in your future?

  1. What are your expectations for your family life? The number of children you want to have, the kind of you home want to live in? The type of schools you want your children to go to?
  2. What are the five most important goals for your life? Running a home requires financial literacy, hence the reason you need a helper to achieve your destiny.
  3. What is your money attitude? Are you an impulsive buyer? Are your frugal or stingy? When growing up was money an end or the means to an end? These attitudes have shaped your knowledge towards money.

Is a loan access to additional cash or an obligation to pay at a future date? A loan is for a purpose, it is not access to additional cash. You borrow because you have a need. Don’t borrow until you know how you will pay back.  A loan is structured finance that you use to augment and payback it can be used to finance an asset or bridge a gap. Young people borrow to feel among. Greed is also another reason why people borrow; they want more than they need. Being gullible, not reading the fine details to understand the terms and conditions under which you are borrowing can get people into trouble.

A debt can be a good thing, but anything can go wrong. What you can do to get out of the debt penalty?

  1. List all your debts
  2. Stop additional borrowing
  3. Reduce your spending
  4. Be disciplined

The seeds you sow today can determine your future, you can change your tomorrow by speaking into your future, planning, changing some of the friends around you. Don’t use a spending or credit card as you might end up spending on what you don’t need, rather use cash as it hurts a bit more when you spend.

It’s your attitude to money that can help you get the things that you are looking for. Financial literacy and independence can get you from where you are to where you want to be.