“Freedom, this is what I call freedom
I wanna say – when you can do what you wanna do
And go where you wanna go…
And live where you wanna live…
And be what you wanna be…
Join what you wanna join…
And work when you wanna work…
Laugh when you wanna laugh…
When you can buy what you wanna buy…
Dress the way you wanna dress…
Just because you feel the space…
Oh, that’s freedom”
With credit to the Isley Brothers, there are literally millions of people across the USA who may have never heard this 1970 R&B hit who have these lyrics deep in their soul but cannot sing the song. They can dream but cannot sing, because they are trapped in debt.
According to CNBC (https://cnb.cx/35eWfxX), the Federal Reserve has reported that United States household debt surged in 2019, the greatest increase in 12 years. “Total household debt balances rose by $601 billion last year (2019), topping $14 trillion for the first time.”
There is a silver lining in the report. First, the increase in household debt largely resulted from increased mortgage debt rather than from increased consumer credit spending upon depreciating assets or emotional purchases. Second, the level of debt service as a percentage of disposable personal income decreased.
However, for individuals and families whose income is heavily consumed by debt service payments, it is difficult to find solace in the silver lining of a storm cloud. They yearn to be free! We want everyone to be free as well. Free to save as they want to save, allowing them to have the future they have dreamed of. Free to enjoy the present with their family rather than concerned about making payments on time.
The first step is finding debt freedom is, “Stop beating yourself up about where you are financially.” Those handcuffs need to be thrown away! They are part of the burden that keeps people trapped.
The second is simple but not easy, “Make a commitment to stop making purchases with credit cards.” Getting out of debt requires us to stop digging a deeper hole. It is easy to justify using the card that will give you points you can use to travel to Europe (sometime after the COVID-19 situation dissipates). Pay cash for what you want or do not buy it.
The next step requires devotion and mental toughness; a family needs to choose a plan to eliminate their debt over time. There is no Harry Potter standing by with a wand that will make it vanish. Just as none of us ever gets into a financial burden suddenly, there is no sudden freedom.
There are several options from which anyone may choose. Each has their strengths. None are without weaknesses. Some require an upfront financial commitment. The key is to examine them and choose which suits your individual/family personality. The Christian Churches Pension Plan neither endorses any option, nor offers any guarantee of success. Success depends on choosing the plan that fits the family and executing the plan.
Market America® developed the “Debt Shredder” program. This is described as, “a financial GPS working 24/7 to get you out of debt” providing “an easy-to-use online tool to minimize both time and interest paid on all your debts.” The online program is designed to aid in building an emergency fund, prioritize debt payments, a personalized dashboard to aid in making smarter financial decisions, and allows you to set up alerts when bills are due. Further information and a contact may be found at https://bit.ly/3aPliZD.
Dave Ramsey has become famous for Financial Peace University and the Debt Snowball method of paying off consumer credit debt. The debt snowball program addresses only consumer debt and not the house payment. Ramsey has become something of a lightning rod for his radio show and growing business. However, there are millions who endorse him. More information may be found at https://bit.ly/35dnsBa.
Finally, there are consumer debt programs available in every county across the nation. These are too numerous to discuss. Some say that these debt reduction programs treat only the symptoms of the problem, but others have found them useful.
If you are longing to sing about freedom, we hope you find the way that suits you best and you are successful in becoming financially free.
Here is to pursuing our passions and living financially free!