Efrem Jackson has a unique name, but some very down-to-earth views on debt reduction. I attended a helpful workshop hosted by Lifeline Church of Chicago on Monday night. Jackson – of Free to Serve Ministries in Des Moines, Iowa – shared the following insight on why we have debt.
- Ignorance – Knowledge really is power. Had I known then, what I know now…hopefully my decision making process would have been less slanted towards debt accumulation.
- Indulgence – Have you ever justified a purchase with the phrase, “…, but I deserve this”? Let your cash be a guide. Next time you attempt to justify a purchase, ask this simple question. Can I pay cash?
- Impatience – Got to have it yesterday! A little preparation, patience, and perseverance can provide the proper perspective regarding purchases. Slow down! Stuff will be there when you can properly afford it (i.e. pay cash).
- Improper planning – Sometimes debt is the result of unexpected events. While no amount of planning can remedy every situation, emergency funds can reduce the stress, anxiety, and financial strain associated with the unexpected.
I heard a young lady beside us say, “They all start with I”. I suppose that was on purpose.
Where debt is concerned; when you know better, you can definitely do better.