I noted more and more rumblings in the newspapers about the trouble Canadians are in because of debt. As well, I’ve noticed that it is also a topic of conversation more around the congregation: how to get out of debt? I suppose the answer is, “The old fashion way.” There is no easy way through the troubles of debt. But it pays to learn the disciplines necessary to get out of debt. The Proverbs remind us that the one in debt is the slave of the lender. The Dave Ramsey show has a good collecton of money myths. Below is is his comment on debt.

Myth: Debt is a tool and should be used to help create prosperity.
Truth: Debt is not a tool; it is a method to make banks wealthy, not you.

Debt is dumb. Most normal people are just plain broke because they are in debt up to their eyeballs with no hope of help. If you’re in debt then you’re a slave, in the sense that you do not have the freedom to use your money to help change your family tree. According to a recent USA Today article about debt, 78 percent of baby boomers have mortgage debt, 59 percent have credit card debt, 56 percent have car payments.

It takes a lot of will, discipline, courage and help to slay the debt monster. But it can be done. Imagine how much you could put toward retirement if you just didn’t have a stinking car payment? This is how the wealthy build their wealth. Debt is really dumb. Welcome to the real world!