First, I believe all debt, on a spiritual level, is about fear. We incur debt because there is something we need, or believe is important to our comfort and wellbeing, and we elect to defer payment for it until later. Owing money, beyond the fixed expenses of daily life, often creates a level of fear.
A Powerful Prayer for Getting Out of Debt
Dear God, I pray for relief from the burden and unbearable weight of debt. I'm so thankful that even though I may have made bad choices that got me into debt, You are much bigger than my mistakes. I ask for deliverance from the stress of debt.
Debt snowball – smallest first
Through the debt snowball strategy, you make minimum payments on all credit accounts and loans — except for the account with the smallest balance, where you put all extra dollars. Once you've paid that balance, turn to the account with the next-smallest balance and work on that.
When it comes to credit card debt relief, it's important to dispel a common misconception: There are no government-sponsored programs specifically designed to eliminate credit card debt. So, you should be wary of any offers claiming to represent such government initiatives, as they may be misleading or fraudulent.
1- You can say this Du`a to pay off our debts: “Allahumma ikfini bi halalika `an haramika wa aghnini bi fadlika `amman siwaka.” 2- One of the most beneficial means of attaining provision is praying a great deal for forgiveness.
For example, engaging in dedicated worship of Lord Hanuman can serve as a potent astrological remedy for alleviating debts. Devotees are encouraged to recite the Hanuman Chalisa daily for 40 consecutive days, chanting it 108 times each day.
If you cannot pay off your debt
You can apply for a Debt Relief Order or Bankruptcy Order if you cannot pay your debts because you do not have enough money or assets you can sell. If you cannot pay off your debts, you can be made bankrupt.
Debt discourages generosity.
Instead of feeling the joy of giving sacrificially, we find ourselves in a position of giving out of obligation and insufficiency. Paul's advice to, “owe one anything, except to love each other” (Romans 13:8, ESV) is sound.
God said in Isaiah, “He will pay you back double for the unfair things that have happened.” If you're going to see double, you have to know that God is going to make it up to you. It may be unfair, but God is a just God. He saw what happened. He knows who hurt you, what you lost, what you're struggling with.
To be poor in spirit means recognizing that everything good in our nature comes from God. Anything worthy of praise in us comes from God and God alone. Being poor in spirit is a type of spiritual posture, acting as “beggar” before the Lord.
Father, in Jesus' name, I'm asking for Your strategies. I trust Your generosity and know You want to lead me to wisdom. So give me Your wisdom to do the right things and make the right moves to get out of debt quickly. Father, in Jesus' name, I'm asking for a sustainable income.
Some of the best duas for more blessings in money are: 1. "Allahumma inni as'aluka rizqan tayyiban wa ilman naafi'an wa 'amalan mutaqabbalan." Translation: “O Allah, I ask you for good provision, beneficial knowledge and accepted deeds.”
Ibra is a mandub (recommended) act because it is kindness that includes the withdraw of debt owed by a debtor even if the debtor is not bankrupt, Allah the Almighty said: “And if debtor is in a hard time, then grant him time till it is easy for him to repay, but if you remit it by way of charity that is better for you ...
Father, I present my finances before You, and I pray for a financial miracle—an increase in wealth and a decrease in losses. I desire to let go of the stress and depression that a lack of money has caused me. Amen.”
While there are no government debt relief grants, there is free money to pay other bills, which should lead to paying off debt because it frees up funds. The biggest grant the government offers may be housing vouchers for those who qualify. The local housing authority pays the landlord directly.
Updated September 5, 2019 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
A credit card hardship program is a financial arrangement that allows those facing such situations to negotiate more manageable payments on outstanding credit card debt. The specifics of a hardship program depend on your credit card issuer and your financial position.