Debt-Free Seminar
The Journey Church
January 14, 2015
Ramon & Nancy Perez
Journey Members
DUMPING DEBT
“No one can serve two masters. Either he will hate the one and love the other, or he
will be devoted to the one and despise the other. You cannot serve both God and
Money.” – Matthew 6:24
Debunking the Myth
If you tell a lie or spread a __________________ often enough, loud enough and long
enough, the myth becomes accepted as _____________________.
Debt has been _______________________ to us in so many forms and so aggressively since
the 1960’s that to even imagine living without it requires a complete
______________________ _____________________.
The rich rules over the poor, and the borrower is the slave of the lender.
Proverbs 22:7
Credit Card Myths
MYTH:
You need a credit card to __________________ a car or make
_______________________ online.
TRUTH:
A ____________________ card will do all of that.
MYTH:
“I pay mine off every _______________________ with no annual fee. I get
brownie points, air miles, and a free hat.”
TRUTH:
More than 100 million Americans do ________________ pay off the balance
every month.
TRUTH:
When you use plastic instead of cash, you spend more because you
don’t ____________________ it.
MYTH:
“I’ll make sure my _________________________ gets a credit card so he/she
can learn to be responsible with money.”
TRUTH:
Teens are a huge _____________________________ of credit card companies
today.
Car Myths
If you do rich people stuff, you get rich. If you do poor people stuff,
you get poor.
MYTH:
Car ______________________ are a way of life, and you’ll always have one.
TRUTH:
The typical millionaire stays away from car payments by driving
reliable used cars. That is ________________ they became millionaires.
MYTH:
___________________ your car is what sophisticated financial people do.
You should always lease things that go down in value. There are tax
advantages.
TRUTH:
Consumer Reports, SmartMoney magazine and a good calculator will
tell you that the car lease is the most _______________ way to finance and
operate a vehicle.
MYTH:
You can get a good deal on a __________________ car.
TRUTH:
A new car loses about ________% of its value in the first four years. This
is the largest purchase most consumers make that goes down in value.
Lending Myths
MYTH
The home equity loan is _________________for consolidation and is a
substitute for an emergency fund.
TRUTH:
You don’t go into ______________ for emergencies.
MYTH:
Debt consolidation ____________________ interest and you get just one
smaller payment.
TRUTH:
Debt consolidation typically saves little to no interest because you will
trhow your low interest loans into the deal.
TRUTH:
You can’t borrow your way out of debt.
TRUTH:
Smaller payments equal more time in debt.
TRUTH:
Debt consolidation is a _____________________.
MYTH:
By ______________________ a loan, you are helping out a friend or relative.
TRUTH:
The bank requires a cosigner because the person isn’t likely to
_________________. So be ready to pay the loan and have your credit
damaged because you are on the loan.
It’s stupid to guarantee someone else’s loan. --- Proverbs 17:18
Credit Score Myth
MYTH:
You need to take out a credit card or car loan to “build up your
________________________ ______________________.”
TRUTH:
The FICO score is an “I love _____________________” score and is not a
measure of winning financially.
The Biggest Myth of All
MYTH:
Debt is a ______________________ and should be used to create prosperity.
TRUTH:
Debt is proof that the borrower is _____________________ to the lender.
TRUTH:
When surveyed, the Forbes 400 were asked, “What is the most
important key to building weath?” ________% replied that becoming
and staying debt-free was the number-one key to wealth building.
“Deliver yourself like a gazelle from the hand of the hunter, and like a bird from the
hand of the fowler.” – Proverbs 6:5
How much could you _____________, invest, blow, and __________if you had no payments?
STEPS TO GET OUT OF DEBT

Stop ______________________________ more ________________________!

You must ________________________ money.

______________________ something.

Get a part-time _____________________ or overtime.

_______________________ really works.
BABY STEP #1
$_________________ in the bank
BABY STEP #2
Pay off all debt using the _______________ ____________________.