Breaking the Chains of Debt :: YouVersion Event
South County Church
Breaking the Chains of Debt
Locations & Times
  • South County High School (Entrance 15)
    Sunday 10:00 AM
Leaving a Legacy - Faith, Character, Health, and Wealth.
What legacy of wealth has been passed onto you?

What does the Bible say about passing on wealth?
· Proverbs 13:22 NLT – Good people leave an inheritance to their grandchildren, but the sinner’s wealth passes to the godly.

What is the biggest obstacle that will keep you from passing on a legacy of wealth to your family?
· Debt – owing any money to anybody for any reason
o Proverbs 22:7 NLT – 7 Just as the rich rule the poor, so the borrower is servant to the lender.

Big Idea: The Shortest Distance to Wealth is living with no Debt

Debt statistics
· 80% of Americans are caught up in the chains of debt
· Consumer Debt – credit cards, cars, furniture
o 66% of Americans have consumer debt with an average of $34,055 per person
o The average household has 15k in credit card debt
· Only 48% of Americans with credit cards pay their bill in full every month.
o The average car loan is $30,000 with payments over $500
· Student loan debt
o 69% of students graduate with student loan debt
o The average debt per borrower is $57,000
o On average, Americans take 20 years to pay off student loans

Getting Practical – How do we break the chains of debt?
· Get out of Debt as fast as possible
o Proverbs 6:5 NLT – 5 Save yourself like a gazelle escaping from a hunter, like a bird fleeing from a net.
· Make a decision to not go into debt again
o Proverbs 26:11 NLT – As a dog returns to its vomit, so a fool repeats his foolishness.
· Save up and pay for purchases
· As Raises and Bonuses come – don’t increase your lifestyle
· Create a zero-balanced budget every month

What would it feel like for you to be debt free?

Next Steps
o Memorize: Proverbs 22:7 NLT
o Evaluate: What debts do I need to pay to walk in freedom financially?
o Action: Start a debt snowball with gazelle intensity.