Loans are usually connected to continuing education. If you are financing part of your costs for seminary, getting out of debt will be one of your top priorities. Follow these tips when managing your debt.

1. Set a realistic budget and stick to it. Obviously, unless you keep close track of how you spend your income, you will not be able to discover your weaknesses where financial stewardship is concerned.
2. Save. Although it may seem that you cannot afford it, saving allows you to have some security during times of crisis. Life doesn’t cut us any slack just because we are serving in the ministry. Have something to fall back on. You should have a contingency fund equal to three to six months’ worth of expenses. It is critical for your family’s needs.
3. Make more than the minimum payments. Let’s say you purchased a $2,000 computer on a credit card. If your card charges the typical 18% interest, and the minimum monthly payment is below $40, you may never pay off your computer. In order to pay $2,000 off in three years, your payments must be over $72 each month.
4. Renegotiate high interest rates. Write down all sources of debt and include the balances, interest rates and payments. Contact your creditors to negotiate a lower interest rate. Many companies will work with you, especially if your credit score is good.
5. Consider using a low-interest-rate loan for debt consolidation. It may even be worth taking money out of a low-interest-earning savings account to get out from under your credit card debt. In the future, be careful to use your credit card for convenience only, not for purchasing items that you can’t afford.