How Can Faith and Wisdom Break the Chains of Debt?

Ralph
00:00:00

Are you feeling like you're trapped under a mountain of debt? Like it's this relentless force, stealing your peace, stealing your joy and stealing your sleep. Do you find yourself constantly juggling bills, living paycheck to paycheck, and feeling like there's no way out? Well today, we're going to confront this head on.

We're going to explore how your faith in God and wisdom found in His word can empower you to break free from those chains. So stay with me because by the end of this episode, you'll have a clear path forward, filled with hope and filled with practical steps to start your journey to debt freedom.

Podcast Announcer
00:00:40

In a world where crushing debt keeps you trapped, where living paycheck to paycheck has become your new normal, and where the dream of retirement seems impossibly out of reach, there's hope. Join financial evangelist Ralph Estep Jr. A man who's walked through the fire of financial failure and emerged stronger on the other side.

Welcome to Ask Ralph, the show where real world experience meets biblical truth to break the bondage of financial despair.

Get ready to take control of your money, break free from the financial stress and align your resources with God's purpose for your life. This is Ask Ralph with Ralph Estep Jr.

Ralph
00:01:18

Welcome to the Ask Ralph Show where we're mastering your finances from that Christian perspective. I'm your host, Ralph, I call myself the financial evangelist. And today, we're tackling a question that's been weighing heavily on many of our hearts. How can faith and wisdom finally break the chains of debt?

If you're feeling burdened by debt, if it feels like an insurmountable obstacle blocking the life God intended for you, then hear me, this message today is for you. So grab your Bible, open up your heart and let's seek God's guidance together. But before we begin, I just want to take a moment to express my thanks for those of you who joined me yesterday.
We discussed how diligence and discipline slash your shopping bill. So if you missed it, I encourage you to go back and listen. It was filled with practical insights that can truly transform your budget. And remember this. Every Tuesday at 1 PM Eastern time, we have a live show. You can join us by going to askralphpodcast.com/live. Now, let's get back to today's powerful topic. I received this deeply moving letter from one of our listeners. Let's call her Kaitlin. And her words paint a vivid picture of the struggle so many of us face. Kaitlin writes this.

"Dear Ralph,I'm at my wits' end and I truly don't know what to do anymore. I am drowning in debt, and it feels like there's no way out. Every day, I wake up with this overwhelming sense of dread. I'm constantly juggling bills, I'm living paycheck to paycheck, and it's taking a toll on every aspect of my life. My relationships are strained because I'm always stressed out about money. I can't even enjoy the simple things in life because this dark cloud of debt is always hanging over me. I feel like I'm stuck in this never ending cycle. I try to make ends meet, but something always comes up. A car repair, a medical bill, and I end up taking more debt just to stay afloat. It's like I'm on a hamster wheel, running and running but never getting anywhere. I've even started to question my faith. I know God promises to provide for our needs, but I can't help but feel like I'm failing somehow. I'm embarrassed to talk about it with anyone because I don't want them to see how badly I'm struggling. I desperately need some hope, I need some guidance. Please Ralph, help me find a way out of this mess. Thank you so much for your help."

Well Kaitlin, I just want to start by saying thank you for your raw honesty. I can feel the weight of your struggle and I want you to know that you are not alone in this. So many of us are going through the same thing, feeling that same sense of hopelessness and despair.
But today, we're going to address your concerns. I'm going to discuss the pain points you're feeling, and I'm going to provide you with concrete ways to overcome your situation. And as I promised by the end of this message, you'll have a clear path forward, a path filled with hope and the promise of a brighter future.
How does that sound? Does that sound good?

But before we get to the practical steps, let's turn our attention to God's word. In Proverbs chapter 22 verse 7, it says this, "The rich rules over the poor, and the borrower is slave to the lender." This verse highlights the importance of managing debt responsibly and working towards a debt free life.
It's not about financial wellbeing but it's also about the freedom and peace that God truly desires for all of us. So let me ask you Kaitlin, do you desire that peace? Do you long for that freedom? Well, then let's continue our conversation.


Let me start by sharing a story with you. Imagine a woman, let's call her Emily. Now, Emily found herself in a true mountain of debt. Credit cards maxed out, a car loan, student loans felt like they were never going to end. And every month, she struggled to make ends meet, and the stress was overwhelming. She couldn't sleep at night, she's constantly worried about how she was going to pay the bills.

Her relationships were strained because she felt like she couldn't talk to anyone about her financial situation. She was embarrassed. She was ashamed. Let me ask you, can you relate to Emily's struggle? But one day, Emily hit rock bottom. She sat down, looked at her pile of bills and felt utterly hopeless. But it was in that moment of desperation that she finally turned to God. And she prayed for guidance, she prayed for wisdom, and she prayed for a way out. And God answered her prayer. See, Emily started by acknowledging God's ownership over everything. She realized that all she had ultimately belonged to God, and she was merely a manager of His resources. And this shift in perspective helped her approach her finances with humility and seek God's guidance in all of her financial decisions.

Let me ask you, have you ever thought about your finances from that perspective? Consider Psalm 24 verses 1 and 2 which says, "The earth is the Lord's, and everything in it, the world, and all who live in it; for he founded it on the seas and established it on the waters." It's pretty clear. And at the same time, Emily also sought wise counsel.

She reached out to her pastor, who connected her with a Christian financial advisor. And this was so critical. And this advisor provided her with biblical wisdom and practical support. And Emily surrounded herself with wise counselors who offered valuable insights, they offered accountability and most importantly, they offered encouragement as she navigated her debt. And she needed someone to help her.

So let me ask you, do you have wise counselors in your life who can support you on your financial journey? Remember what Proverbs chapter 15 verse 22 says. "Plans fail for lack of counsel, but with many advisers they succeed." So let's move forward in the story. Then, Emily practiced contentment. She understood that godliness with contentment is great gain.
And she began to find joy and she began to find satisfaction in what God had provided, regardless of her circumstances. And this helped her resist that temptation to overspend and accumulate more debt. Let me ask you, have you found contentment in what God has already provided for you? Just for a moment, reflect on the book of Philippians chapter 4, verses 11 to 13.

It says this. "I am not saying this because I am in need, for 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 that the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want. I can do all things through him who gives me strength."

That is just so powerful. And the next thing that Emily did, she finally avoided that love of money. She prioritized her relationship with God and focused on eternal treasures. And it was this mindset shift, this mindset shift helped her avoid the trap of debt driven by those materialistic desires. May I ask you, have you considered the role of money in your life and how it aligns with your faith?

Let's not forget 1 Timothy chapter 6, verse 10 says this. "For the love of money is the root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs." Wow. That's powerful. So with these biblical principles guiding her, Emily took practical steps.

She created a budget, she tracked her income and expenses, she started paying off her debt and she began with just the smallest balances first. She always found ways to increase her income, she took on a side job and selling items she no longer needed. Let me ask you, can you see yourself taking these practical steps towards financial freedom?

Can you do it? So Kaitlin, and all of you listening, are you ready to take control of your finances and live the life God truly intended for you? If the answer is yes, let's break down the first three steps you need to start breaking free from debt. I'm just going to break it down in three easy steps.

Step 1: Put God First In Your Finances. This means surrendering your financial worries to God and seeking His guidance in every financial decision. Start by tithing, giving that first 10 percent of your income back to God as an act of obedience and an act of trust. The book of Malachi chapter 3, verse 10 promises that when we honor God with our finances, He will pour out blessings upon us.

See, tithing is not just about giving money. It's about acknowledging God's sovereignty over our finances and trusting in His provision. So let me ask you, are you ready to put God first in your finances? Again, Malachi chapter 3, verse 10 says, "Bring the whole tithe into the storehouse, that there may be food in my house.

Test me in this," says the Lord Almighty, and see if I will not throw open the floodgates of heaven and pour out so much blessing that there will not be room enough to store it." He says, test them on that. So that's the first step. Second step. Resolve to Attack Your Debt. You got to start by admitting you have a debt problem.

That's the beginning, but that's only the beginning. Make a firm decision to defeat that debt that keeps you from better things God has in store for your life. Let me just tell you, this requires commitment, it requires discipline and it requires a willingness to make sacrifices to achieve that financial freedom.

It's not going to come on its own. And remember this, every small step you take is a step towards a brighter future. Can you see that brighter future? Let me ask you right now, are you committed to attacking your debt? If you are, let's move on to step number three. And step number three is simple. You've got to Shift Your Lifestyle.

Overcoming debt often requires a change in lifestyle. It just does. And this doesn't mean living in deprivation, but what it does mean is making conscious decisions, conscious choices to prioritize needs over wants. We got to understand what those things are. Maybe you consider downsizing, choosing experiences over material possessions, and finding contentment in simplicity.

Well, that's not an easy thing to do in this world surrounded by all the things that are coming at us. But this shift in perspective can help you break free from the cycle of consumerism and it will help you focus on what truly matters. So let me ask you, are you ready to shift your lifestyle? So Kaitlin, now I'm speaking directly to you.

I want you to know that you are able to overcome your situation. You can do this. And now I'm going to share with you some steps that can help you do it and they start right now.

Your first action item. Stop Incurring New Debt. Seems simple, but this is what you must do.
Put a freeze on credit card spending and avoid taking any new loans. Now, implementing this may require significant shift in your financial habits, but it's crucial for stopping the debt cycle. You've got to stop the bleeding. Consider cutting up your credit cards or freezing them in a, like a block of ice to make it more difficult to use them impulsively. We got to stop that impulsive spending. So let me ask you, are you ready to stop adding to your debt?

The second action item. You've got to prioritize high interest debt. Focus on paying off debts with the highest interest rates first, those are the ones that are costing you the most. You can use the debt snowball method or the avalanche method. I don't really care what you use, but use those to accelerate your progress.

That debt snowball method involves paying off the smallest at first, regardless of interest rate, to start gaining that momentum. You can picture that snowball growing as it's going downhill, but it'll help you gain momentum and it'll help you gain motivation. And just as appropriate, the debt avalanche method focuses on paying off the debts with the highest interest rates first because that's going to save you money in the long run.

So let me ask you, which method are you going to use? Which method best resonates with you? Number three. And a lot of people are scared to do this, but negotiate with your creditors. Reach out to your creditors and explain your situation. Because they may be willing to work with you by lowering your interest rates, reducing your monthly payments, or even waiving some of those fees you've been incurring.

But here's the secret to this. You've got to be honest and you've got to be persistent in those negotiations. And here's a little pro tip. Make sure you get any agreements in writing, get them to write them down. So I ask you, are you ready to advocate for yourself and negotiate with your creditors?

You can do this. Number four. Build that emergency fund. I talk about this all the time on the show. The best way to avoid getting back into debt is to have that emergency fund, that cash reserve that specifically set aside for unplanned expenses. And listen, those things happen. And your aim needs to be three to six months worth of living expenses in an easily accessible account.

Because see, that's going to provide that financial cushion to help you weather unexpected events without going back to those credit cards or going back to those personal loans. Because guess what? Things are going to happen. So I ask you, are you committed to building that emergency fund and starting that today?

But remember this Kaitlin, you got to hear me on this. You've got to take action and you've got to start right now. But the light at the end of this, the results you may expect include reduced stress. Kaitlin, you're going to reduce the stress, you're going to have improved relationships, and you're going to have a renewed sense of hope and a renewed sense of purpose. And trust me on this. You're going to begin to see your debt decrease and your faith increase.

If you follow these steps, it will happen. Now, one of the things that I always talk about on the show is every day I write a blog post. So if you want to go a little deeper today, you want to go look at some of the resources I've used, make sure to check out my daily blog post. That's at askralphpodcast.com/blog. That's where I show you my resources. That's where I show you all the things that went into today's show.


But now, let me leave you with three reflection questions. I really want you to focus on these. I want you to meditate on these. So write them down. Number one thing. How can acknowledging God's ownership over your finances change your perspective on debt? You got to ask yourself that question. Think about what it means to be a steward of God's resources. How does that shift your mindset about money and debt knowing it's not yours? Second reflection question.

What practical steps can you take today to start attacking your debt? Not tomorrow, not next week, not next month, today. I want you to make a list of those actions you can take right now to begin your journey to financial freedom. It all starts with that first step. So what's that first step you're going to take after listening to the show today?

And number three. How can finding contentment in what God has provided help you resist the temptation to overspend? Think about that. What will that contentment look like? It starts by considering the blessings in your life, both big and small. Sometimes we forget what we've already been given. Forget like what God has already given us.

And we are so well blessed. So ask yourself, how does focusing on gratitude and contentment help make you wiser in your financial decisions? And remember, I'm passionate about this. My passion is to help you achieve financial success because I want to see you live out your dreams. I want to see you grow in your faith because I know together, we can master your finances from a Christian perspective, but I can't do it alone. I need your support to reach more people with a message of hope and triumph.

So I'm asking you, if you find value in what we do here at the Ask Ralph Show, please consider supporting us. You can buy us a virtual cup of coffee at askralphpodcast.com/support.

And you're not just keeping these lights on, you're becoming a partner in this ministry. You're helping us reach more people with good news that there is a way out of debt, that there is hope, and that God has a plan and a purpose for their lives. And see, this is the thing you need to understand. Your support helps us create more content, it helps us reach more people and it helps us make a bigger impact. It helps us keep this show going, keep the blog running and keep the conversation alive. So, if you believe in what we're doing here, please consider supporting us today.

And if you find yourself struggling in debt, just like Kaitlin, if you're feeling overwhelmed and hopeless, please reach out to me. Book a call, go to askralph.com and just click on the button that says book a call and let's talk. Let's come up with a plan tailored to your unique situation, not something that you read online or you saw on TikTok or on Facebook. Let's work together to finally break the chains of debt and find the freedom and peace that God desires for you because that's what His desire is for you.

Now, before we go, let's take a moment to pray. Let's lift up Kaitlin and all of those who are struggling with debt. Let's start by asking God for guidance. Let's ask Him for wisdom and the strength to take action. So Dear Heavenly Father, we become before You today with humbled hearts. We acknowledge that You are the source of all blessings, that everything we ultimately have belongs to You.

We thank You for Your faithfulness, we thank You for Your goodness, and we thank You most importantly for your unfailing love for us. Lord, we lift up Kaitlin and all those who are struggling with debt. We ask that You would comfort them, that You would encourage them, and that You would give them hope and strength in this battle.

Please Lord, help them to see their situation not as a time of despair, but as a time of opportunity, a time to grow in faith and a time to grow and trust in You. Lord, we ask that You would guide them as they take practical steps to overcome their debt. Help them to make wise decisions, help them to be good stewards of their resources that You've already entrusted to them.

Lord, we ask that You would help them to find contentment in what You've already provided, to resist that temptation to overspend and to avoid that love of money because it grips us Lord. Lord, we ask that You would bless their efforts, that You would multiply their resources, and that You would open up new opportunities for them.

Help them to see the light at the end of the tunnel where You are Lord, to experience that freedom and peace that You desire for them. And we ask this in the precious name of Jesus. Amen. And I just want to say thank you for joining me today. I thank you for opening your hearts, for sharing your struggles. Kaitlin and everyone else listen, remember you are not alone in this journey. We're all in this together, and together, we will overcome this. Together, we can master our finances from a Christian perspective. And I just wanted to reflect for a moment, you know, today's episode was particularly engaging and emotional. It was a little bit different than I usually do the episodes. But Kaitlin's letter brought to light that raw pain and that struggle that so many people face when dealing with debt.
I see it every day. And it's not just about the numbers. It's about that emotional toll, that strain on relationships, that constant stress and worry. But what's truly inspiring, and I mean this, what's truly inspiring is the hope that comes from knowing that there is a way out. Hear me on this. There is a way out.

There is a path to freedom, there is a path to peace, and there is a path to a brighter future. And that path starts with your faith, with trust in God, and with seeking His wisdom and guidance. You know, as I shared Emily's story, I couldn't help but think about the countless others who have walked this journey.

Who have felt that same sense of hopelessness, that same sense of despair. But I also thought about the transformation that comes when we surrender our worries to God, when we seek wise counsel, when we practice contentment and when we truly can embrace that decision to avoid that love of money. And the practical steps we discussed today, putting God first in our finances, resolving to attack our debt, shifting our lifestyle, these are not just financial strategies. So it makes this program different. These are life changing principles. They're keys to unlocking a future filled with hope, a future filled with joy, and most importantly, a future filled with peace. And we all want that. I truly believe that Kaitlin and all of those listening can overcome their situation.

I believe they can experience the freedom and peace that God desires for them. I'm speaking to you right now. I'm committed to walk in this journey with you to provide a new guidance and the support and the encouragement you need to succeed. So let's lift each other up in prayer. Let's share our stories.

Let's offer words of hope and encouragement. Let's remind each other that we're not alone here, that together, we can make a difference. So I encourage you, if you've been impacted by this, today's episode, or you've been impacted by this show, share it with someone, share it with 10 people. Well that's all for today's episode.

Don't forget to tune in tomorrow when we're going to be discussing what happens to debt when a spouse passes away? Now that's a sensitive topic, but it's crucial that we understand how to handle that because I'm going to have some practical advice for you. So until then, stay blessed, stay financially savvy and may God bless you.

And remember this, my key takeaway for today. Remember that with faith, with wisdom, and with practical steps, we can overcome debt and we can over achieve the freedom and the peace that God desires for us. And I know together, working together, we can master our finances from that Christian perspective. So I say to you, God bless you, and I hope you join me tomorrow.

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00:26:32

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