These are notes from a finance class offered at the church. Any misinformation is the fault of the note taker.

– How to keep going even when the road is difficult?
– Pray
– Be attentive to family responsibility
– D&C 42:42
– Stop reoccurring debt.
– Emergency funds 3-6 mo. use it for an actual emergency.
– Stop relying upon consumer debt and credit card. Cut up your credit cards.
– Pay cash
– Save up for the things you need
– Need to have a desire to be out of debt.
– Have to be accountable with your partner.
– Some will have different envelopes for different expenses.

Free yourself from bondage debt:

1. Decide to pay extra
2. Decide where to pay extra. which debt first.
3. lookup roll over method
4. Take additional steps as needed
Pay one with the highest interest or the one with the lowers balance. Paying off the lowest balances you get the sense of reward soonest.

What to do, if you can’t pay off debt:

1. Work an extra job
2. Trim down the budget. i.e. cell phone from a smartphone to a dumb phone if necessary
3. Stop cable and use Netflix under $8. a mo.
4. Sell things.
5. Negotiation with credit card co. to reduce rate.
6. Finance counselors: can negotiate with cc companies.
7. Downsizing
8. Refinance the debt: is questionable as sit can trash your credit. Some co. may not be ethical. some people do not change their habits and you build up debt again.
9. Bankruptcy: takes a long time for people to be trusted again.
– D&C 19:35
– Goal: what debt can you pay extra toward?

Do you have something to add? If you do, please share in the comment section of this blog.