In Episode 6 of this Faith and Finance Top 10s season, Simon and Bex discuss ten top tips for dealing with debt.

Some key points of interest covered in this episode include the following:

• Simon’s first top tip for dealing with debt if it has become an issue for us is to admit that we are ‘in debt’. [01:21]
• Top tip number two is to quantify and define our debt, including acknowledging the situation if the debt is best described as being ‘unmanageable’. [04:37]
• Thirdly, Simon stresses the importance of asking for help and support, especially if the debt is ‘unmanageable’, in which case professional assistance is available from the likes of Christians Against Poverty. [06:37]
• Next, Simon highlights the need to make a list of all our debts and their details because an effective action plan cannot be drawn up without that information. [08:50]
• When implementing an action plan, we should aim to create a balance between achieving our repayment goals as quickly as possible and building in budgetary resilience that will keep us on track even when unexpected expenditure occurs. [10:03]
• Simon outlines a couple of ‘snowballing’ options that can be used as the core element of a plan to pay down the debts we owe. [12:24]
• Tackling debt issues can be challenging and emotionally draining, so Simon encourages us to celebrate our debt-related ‘victories’ – which can come in a variety of different forms - in an appropriate and meaningful manner. [15:32]
• Simon explains how we can consolidate and rationalise our debts without having to pay a third party to do this for us. [18:08]
• Simon’s penultimate tip is to avoid short-term thinking; taking the long view is a real key to success when it comes to debt management. [20:13]
• Simon’s final top tip is to allow our attitude to money to be shaped by the biblical principle of avoiding the love of money and, instead, use money as a way of expressing love to others. [22:05]
• The next episode in this season will comprise ten top tips about preparing for retirement. [24:32]

Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.

This show has been brought to you by Free Range Podcasting.

You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking on this link.