S8 Ep 6: Top 10 Tips for Dealing with Debt

In Episode 6 of this Faith and Finance Top 10s season, Simon and Bex discuss ten top tips for dealing with debt.

Some key points of interest covered in this episode include the following:

• Simon’s first top tip for dealing with debt if it has become an issue for us is to admit that we are ‘in debt’. [01:21]
• Top tip number two is to quantify and define our debt, including acknowledging the situation if the debt is best described as being ‘unmanageable’. [04:37]
• Thirdly, Simon stresses the importance of asking for help and support, especially if the debt is ‘unmanageable’, in which case professional assistance is available from the likes of Christians Against Poverty. [06:37]
• Next, Simon highlights the need to make a list of all our debts and their details because an effective action plan cannot be drawn up without that information. [08:50]
• When implementing an action plan, we should aim to create a balance between achieving our repayment goals as quickly as possible and building in budgetary resilience that will keep us on track even when unexpected expenditure occurs. [10:03]
• Simon outlines a couple of ‘snowballing’ options that can be used as the core element of a plan to pay down the debts we owe. [12:24]
• Tackling debt issues can be challenging and emotionally draining, so Simon encourages us to celebrate our debt-related ‘victories’ – which can come in a variety of different forms - in an appropriate and meaningful manner. [15:32]
• Simon explains how we can consolidate and rationalise our debts without having to pay a third party to do this for us. [18:08]
• Simon’s penultimate tip is to avoid short-term thinking; taking the long view is a real key to success when it comes to debt management. [20:13]
• Simon’s final top tip is to allow our attitude to money to be shaped by the biblical principle of avoiding the love of money and, instead, use money as a way of expressing love to others. [22:05]
• The next episode in this season will comprise ten top tips about preparing for retirement. [24:32]

Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.

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