Debt for a majority of Americans, at some point in their lives, will or already has become a nightmare. Anxiety and stress foster an environment that causes panic and dread from a simple call from unrecognizable telephone number. One may ask themselves: How did I get into this predicament?

Please see 12 Common Causes of Debt Accumulation that are listed below:

• Reduction of Income or Underemployment
• Increased Expenses
• Poor Money Management
• Lack of Financial Understanding
• Divorce
• Gambling
• Business Failure
• Spending Anticipated Income
• Lack of Savings
• Lack of Insurance
• Lack of Communication
• Educational Debt

It is very important to make wise decisions regarding any and all decisions concerning our finances. It is easy to become over extended and drowning in sea of unpaid expenses.

What does the Bible say about debt?

• Romans 13:7-8
  • “Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor. Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law."
• Proverbs 22:7
  • "Just as the rich rule the poor, so the borrower is servant to the lender."
    
    
• Proverbs 22:26
  • "Don't agree to guarantee another person's debt or put up security for someone else."

If you are racing down the road of debt, a logical question is to ask: What must I do to get out? A better question: What can I do to make sure that I remain debt free and never become burdened by this horrible embarrassing dilemma?

Now, if you are seeking tips to eliminate financial burdens, please see 10 Easy Ways to Pay Off Debt that are listed below:

• Create a budget
• Payoff the most expensive debt first
• Pay more than the minimum balance
• Take advantage of balance transfers
• Halt your credit card spending
• Put work bonuses toward debt
• Delete credit card information from online stores
• Sell unwanted gifts and household items
• Change your habits
• Reward yourself when you reach a mile stone

Final thoughts, debt is very easy to accumulate, if we are not careful; but hard to decrease for varies reason. Use wisdom concerning all financial matters. The 50/30/20 Rule by Elizabeth Warren is one tool that may be implemented to prevent financial woes. The steps include:

• Step One: Calculate Your After-Tax Income
• Step Two: Limit Your Needs to 50 Percent
• Step Three: Limit Your Wants to 30 Percent
• Step Four: Spend at Least 20 Percent on Savings and Debt Repayments

Remember, "Good people leave an inheritance to their grandchildren, but the sinner's wealth passes to the godly." Proverbs 13:22 So, spend wisely.