Paying Down My Debt

The Scripture says (Romans 13:8), “Do not owe anyone anything. . .” (which is not a prohibition against borrowing money, which Scripture permits and regulates, rather that all our financial obligations must be paid when they are due). So I have been figuring out how I can make sure I am “paying down” my debt. I believe the Government of the United States could follow my example. There is no reason for us to have trillion dollar debts if we will just practice a little discipline.

How about if I pay an additional five percent on my debt every year? In other words, every year I will pay 5% more toward retirement of my debt and I will be able to tell everyone how I steadily increase my payments by using the great discipline of “cutting back” on un-needed expenditures and adding that “savings” to my payment schedule.

Here’s an example of how it works. This year I will borrow $1000 dollars (I get all my loans “interest free” by the way). I will pay back that debt at 10% per year. So during the year I will pay back $100. The following year I will borrow another $1000, but true to my discipline I will pay back at a rate of 15%, hence my payment of $285. Then the third year, another $1000, and, of course 20% payback, or $523.

See, all it takes is discipline. I increase my payments each year. I get my debt under management. Soon I will be out of debt. Somebody get this info to Washington, will ‘ya!

By the way — I don’t have any debt, except the debt of llove.