Monthly Archives: February 2015

Our Role in Helping Others Out of Debt

Published by:

This past week I got thinking about what the Bible teaches us about helping each other get out of debt. I have been studying personal finance for a few years and I recall reading something over the years which suggested taking extreme action against debt by cutting major living expenses; to the extreme of selling or renting their house and finding someone to live with in the meantime. With very low living expenses as a result, people could then make serious headway out of their debt! As my house is currently my only source of debt, I shrugged off this advice as something that didn’t really apply to me and probably better related to something a recent graduate with high student loans would say to their parents as they moved back into their old bedroom.

Or does it apply to me… in a different way?

I also recall thinking that while living with someone may be great for the debtor, what about the person whose house is invaded? What I did not think about at the time, was whether it is our responsibility as followers of Christ, to help others struggling with debt in such dramatic and simply put… inconvenient ways. Continue reading

Because You Don’t Know What You Don’t Know

Published by:

I have discussed why comparing yourself to others based on your income is a terrible way to judge your self-worth. There I listed some barriers people have when talking honestly about money; things like feeling self-conscious about how much they make or not wanting others to feel bad about their own income level. Like everything in life, discretion is needed to judge with whom you are speaking and the type of conversation you should have. There needs to be a balance to how much you talk about money. You can talk about it too much (I’ll admit I might fall into this category) but I also think you can talk about it too little as well.

Continue reading

The Other Cost of Debt

Published by:

Recent years have caused much debate over the impact and opportunities available to Canadians due to the high availability of cheap credit. Much has been written in personal finance circles about how the costs of credit cards, mortgages and zero percent financing on car loans can add up over time, regardless of low rates. The fact is that the hard costs of borrowing money (ie. interest payments), although not always intuitive or simple, can always be quantified. That said, I’ve found there is another possibly even more substantial cost to borrowing money which makes up the topic of today’s post. Continue reading