How Do I Deal With Old Debt?

“But as for me, I will walk in my integrity; redeem me and be merciful to me.” Psalm 26:8

Long outstanding unpaid debt is one of those areas where the enemy has a field day in the lives of believers. As we continue to not step up to the plate on old debt we are showing a lack of integrity in our lives. Now we may say, “Well that happened a long time ago and I shouldn’t have to pay that back now,” or “wasn’t all that happened before my salvation forgiven?” God forgives us of our sins. That is true. We have been forgiven that we borrowed money and did not pay it back by God, however if we did not ask the person we borrowed it from to forgive us then there is a doorway of unforgiveness still in operation. In their mind we still owe them money. Every time we buy something for ourselves, they would wonder when we are going to pay them back the money we owe them? This gives the devil legal right to hinder us in our finances. A spirit of debt or poverty may be influencing us and keeping us poor.

What should we do? Repent. Repent quickly and do not put it off. Write down every person and company that you owe money to, and how much. Then take your list before God and repent. Tell him that you are sorry that you have not paid these debts because that has glorified Him. Ask for His help to pay them now as you step up to the plate. Next write out a letter asking for forgiveness from each creditor. Offer to begin making monthly payments on each one. Even if you can only offer $5/month, get started right away. Send your first 6 months checks with your letter. If they cash that first check, they have entered into an agreement with you. Each month then you do not owe them anything more that what you agreed on. So the spirit of debt will loose his power over your life and money will come to you more easily. Some will forgive you of your debts, others will accept your payments and you will learn the valuable lesson of integrity while making that monthly payment until it is completely paid.

If you need a little help we have some excellent resource materials for you. Pastor Kerry has created a binder called "Financial Freedom in Christ" that can be ordered through the ministry. In it there are helpful charts to fill out to get your creditors in order. There is a sample letter to write to your creditors that you may photocopy or you can rewrite in your own words. There is a debt repayment schedule so that you can keep track of the checks that you have out in any given month, and some very easy budgeting help as well.

You may feel overwhelmed as you begin, but if you take a deep breath, and say a prayer for strength that can really help. You can also get a friend to come over and help you go through it. sometimes a little moral support and the accountability of another person there with you will help you get done what you need to get done. Put on the coffee and start opening up all those nasty bills together. You will feel a whole lot better and the burden will lift when you are done.

Make a plan for your success. Stick to the plan. You will do just fine. A year from now you will be surprised how far you have come.

“Owe no man anything accept your love.” Romans 13:8