We have seen over the past year, The Great Debt Ceiling Debate. Whether you are for or against, it was an interesting discussion. We are truly educated about the United States debt ceiling now more than ever. So let me ask you a question. Are you able to raise your own debt ceiling?
There is a story in 2 Kings 4:1-7 where a widow whose husband had died owed some amount of debt. Creditors were coming to take her sons away to make them slaves. She was distressed and really had given up hope until the prophet Elisha came into her life. He gave her some key instructions to immediately eliminate her debt ceiling. He asked her an unlikely question, "What is in your house?" She responded, "I only have a jar of oil." He told her to go and borrow as many jars as she could and pour oil into them. She did exactly that. She poured the oil until she ran out of jars. Afterwards, she came back to Elisha and asked, "What shall I do next with the jars of oil?" Elisha said these life changing words - “Go sell the oil, pay off the debt and live off the rest."
There is something valuable in your house that will immediately lower your personal debt ceiling. There is an absolute truth common to everyone - “There is oil in your house to break the cycle of debt.” Here are a few suggestions to eliminate that debt ceiling.
Find the oil (money) in your house - Proverbs 10:22 - 23 says, “The blessing of the Lord makes a person rich, and he adds no sorrow with it. Doing wrong is fun for a fool, but living wisely brings pleasure to the sensible.” What things in your house are causing you to have sorrow? Is it your house, car, furniture, clothing, credit cards, purses, shoes, suits or expensive electronic items? If one of these items is causing an issue, sell it! There is pleasure in wise living and spending.
Figure out your net worth. Net worth not only determines your wealth; it can determine the health of your financial future. Net worth is composed of assets and liabilities. Assets include residences, automobiles, and items that have significant monetary value. Liabilities are short term and long term debt which includes consumer bills, credit cards, real estate, and other properties in your possession. To get your net worth subtract total liabilities from total assets. There are three types of net worth: positive, negative, and sum zero. A negative net worth is the result of more liabilities than assets, which may mean too much debt. Again the net worth can easily point to you the real issue of spending; nevertheless a plan can now be devised to reduce and eliminate debt. A zero sum net worth is when assets equals liabilities. This position can be tricky because one bad decision can bring debt to your household.
Differentiate between needs and desires for future purchases - You now must make a choice based upon needs and desires after understanding your debt situation. Most of the time, we make desires a need therefore we put ourselves in an uncompromising position of debt. Again we never want to be held hostage to any debt because Jesus has freed us from all debts. Proverbs 22:7 says, “The rich rules over the poor, and the borrower is the slave of the lender.” Always strive to become a lender. The borrower will always dictate your terms and conditions.
The woman in this story was in dire straits and according to scripture the husband was servant of Elisha which explains their predicament. We don't have the luxury to raise our debt ceilings. Creditors will come after us quicker than the government. They have years to pay even decades; you don't. The one thing that I have learned through this economic rollercoaster is that we truly have control over our money. We decide what we want to do with our money, no one can tell us differently. I say again, "The breakthrough of debt is in your house - find the money!"
Cedric Dukes is the author of two books, Hostile Takeover – Manifesting God’s Plan and Purpose for Your Finances and the newly released book, The Power of Time- Living a Life of No Regrets. His specialty is finances, family and personal development. His focus is on the individual to leave a legacy as there is one life to live. He has written for several national and regional publications. Cedric has also spoken at national conferences across the U.S. and Canada and has been a guest on national radio shows. His website is CedricDukes.com.
