Debt has become a defining characteristic of financial life in the United States. Whether it’s a family struggling with credit card payments or the staggering national debt of the United States, the grip of debt is felt at every level. Studies reveal that nearly half of U.S. households are buried in substantial debt. It’s no wonder so many are asking, “How much is the US in debt?”
Let me assure you, debt is not a set-in-stone identity. It’s a condition—and conditions can change.
The Debt Epidemic
The total debt of the United States—consumer, corporate, and governmental—has reached extraordinary levels, and the ripple effects are profound. If you’ve felt overwhelmed by the numbers on your own balance sheet, you’re not alone.
But here’s some hope. Despite its weight, debt does not have to define you. While the Bible doesn’t call debt a sin, it does warn that debt is bondage:
“The borrower is slave to the lender.” — Proverbs 22:7
This verse is not meant to shame anyone, but to shine a light on a reality: debt places people in a vulnerable position. Yet, as people of faith, we’re not called to stay in bondage. Freedom is possible, even in the face of overwhelming odds.
Perspective Shift: From Servant to Master
The first step to breaking free is shifting your mindset about debt. A Prosperous Soul understands that debt is a tool. It’s neither inherently good nor bad; it’s about how it’s used.
1. Servant to debt: You rely on borrowing to meet basic needs or fund your lifestyle, leaving you at the mercy of lenders.
2. Master of debt: You see debt as a temporary tool, using it strategically and with a plan for repayment.
The goal isn’t just to eliminate debt; it’s to build a life where debt no longer controls you.
Practical Steps to Financial Freedom
1. Bring Debt into the Light
Shame thrives in secrecy. If you’re struggling with debt, acknowledge it before God and invite Him into your financial journey. Pray for wisdom and discipline as you take steps toward freedom.
2. Know Your Numbers
One of the most valuable tools in your debt-eliminating journey is a debt amortization calculator. This simple tool breaks down your debt into manageable pieces, showing you how much of each payment goes toward interest versus principal. By seeing the full picture, you can prioritize high-interest debts or create a snowball effect to build momentum.
3. Make a Long-Term Plan
Debt freedom isn’t a sprint; it’s a marathon. While miracles can and do happen, wisdom calls us to plan for the long haul. A multi-year plan can feel overwhelming, but remember this: small, consistent steps lead to big breakthroughs.
4. Commit to Lifestyle Changes
Getting out of debt requires living differently. This might mean cutting back on discretionary spending, selling unnecessary items, or even taking on a side hustle for extra income. Such sacrifices are temporary but bring lasting change.
Join the Financial Healing Journey
Breaking free from debt is about more than numbers—it’s about transformation. That’s why I created the Financial Workshop, an online training designed to help you:
- List out your assets and debts for a clear starting point.
- Understand the tools available to you, like the debt amortization calculator.
- Craft a multi-year plan to not only escape debt but to also build generational wealth.
The journey to financial freedom can be daunting, but you don’t have to do it alone. In this workshop, I’ll guide you step by step, sharing biblical principles and practical strategies that lead to lasting change.
Conclusion
The debt of the US may feel insurmountable, but your personal debt doesn’t have to be. By shifting your perspective, creating a plan, and committing to the process, you can move from being a servant to debt to being its master.
P.S: Take the first step toward freedom by enrolling in my Financial Workshop today. Together, we’ll tackle debt head-on and build a foundation for true prosperity. Use this coupon december-workshop for 15% OFF.