My Family Rocks! Sunday: How debt affects marriage (article from focusonthefamily)

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Hello friends 🙂 Me and the Hubby have had our share of financial tribulation…..some we couldn’t help and some because we were immature……..sometimes we are still immature. The point is: I know how money problems can hurt a family…especially debt……credit card debt…loans etc….it’s like the frog in the pot..he doesn’t realize he’s being cooked because the heat is being turned up ever so slowly. The same can happen with debt…before you know it  you’ve cooked your goose!  Anywho, we are trying to get out of debt and to be wise with our money. It’s a slow process. We found the book “The Total Money makeover” by Dave Ramsey very helpful.

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Here’s an article from focus on the family. It’s a series that includes tips to help you make smart financial decisions.

http://www.focusonthefamily.com/marriage/money_and_finances/how_debt_affects_marriage.aspx

“Intelligent Borrowing

Intelligent borrowing means that some level of safety and limited risk for both the lender and the borrower is built into the transaction. Here is what intelligent borrowing looks like:

1. The borrower has a safety valve — a legally and morally sound alternative to get out of the obligation.
2. The debt is secured. The lender holds something that is at least as valuable as the amount of the loan, something known as collateral. Think of collateral as a security deposit for the lender.
3. The loan is for something that has a reasonable life expectancy of more than three years as opposed to something that will be down the drain before the bill arrives.
4. The loan is for something that will increase in value, unlike a couple of movie tickets and dinner in a fancy restaurant, or a great new outfit.
5. The interest rate is reasonable.”

~excerpt from: http://www.focusonthefamily.com/marriage/money_and_finances/how_debt_affects_marriage/intelligent_borrowing_or_stupid_debt.aspx

Time for your input friends. How are you dealing with debt? What methods have you used that help? What financial decisions have gotten you in trouble? What warning can you give to others? If you’re debt-free what helpful advice do you have?

Just to be silly:

God bless and remember The High King Lives! ~Amber Dover