Escaping the Trap
Jan 19, 2025 | by The Fellowship
A few years ago, my wife and I were in a tough place with debt. We never intended for that to happen … but somehow it snuck up on us when we were not paying close enough attention.
My wife is a nurse. Well into her career, she decided to go back to school to become a nurse practitioner. By taking out student loans, she was able to make that happen. Upon her graduation, the reward was a job that paid very well. That is when our thoughts turned to buying a new house.
As we embarked on this thrilling journey of purchasing a new home, we were careful to determine in advance what amount of mortgage our income level would qualify for. After selecting the house of our dreams, we began the process to purchase it. But during that period, my wife lost her job and could not find another that paid as well. We no longer met the qualifications for the mortgage!
Not to be denied, we came up with another plan. Blessed with close friends who are very affluent, we asked them to consider cosigning on the mortgage. They agreed … and we closed on the home.
We were overjoyed not to be denied the house that we wanted! But a couple of years went by, and our debt level kept climbing! Our income level did not return to what it had once been, and we were always strapped for money.
Constantly growing deeper into debt, we were both convicted that this was not pleasing to our Lord. Not only did we confess our wrongdoing to Him, but we also asked for His help in turning the situation around.
When the church offered a course on handling personal finances, we decided to enroll together. The catchy title, “I Was Broke, But Now I’m Not,” gave us hope. As we began to relearn the principles of living responsibly within our means, a glimmer of hope for a better future began to grow.
We decided to have a personal conference with the course instructor, a very accepting and encouraging man. It was not easy to confess to him what a mess we had gotten ourselves in and to bring to light our poor financial decisions. There was no judgment whatsoever, only great encouragement for how to turn things around. The first place to start was obviously our large monthly house payment! It was time to downsize.
We engaged a realtor who is a member of the church and began revisiting a dream of owning a bit of land and suitable house outside the urban sprawl. For three or four months, we looked at probably 100 properties online and many on sight. Nothing quite fit our dream, so we decided to settle on one. Just then another property came on the market … and it was just what we wanted at the right price. The Lord was answering our prayers!
Unfortunately, our credit had tanked two years prior. Some Christian friends, who had faced the same hurdle, told us of the National Debt Relief Program that helped them tremendously. We contacted the organization. Their negotiations with the credit card companies reduced our debt down to 25%. The organization was very clear up front that the process would result in really bad credit scores. Ultimately, the program was very successful for us … and we exited with very little debt.
When applying for the loan, we were rejected because of our bad credit scores and found ourselves at a dead end for getting a traditional mortgage. My wife and I decided to talk to our affluent friends again. It was one of the most humbling things I have ever asked of someone. Though fully expecting a “no” answer, to our relief, they agreed to buy the house. Rather than using a promissory note as the repayment contract, our friends set up a payment arrangement with a company that specializes in this very situation. We have a monthly mortgage payment that includes escrow like any other traditional loan. Our friends are the lien holders and receive a monthly payment. Our credit scores are being rebuilt through meeting our monthly obligation. We were humbled and overjoyed to finally see some light in our debt struggles.
The move to our new home cut housing costs in half! Our financial burden was nearly gone, and we began putting money aside every month into an emergency fund. What a relief to have those funds available recently when I needed to have an operation on my knee! My wife also plans to have a procedure soon and we have surgery covered as well.
Her student loan debt is not totally paid back yet, but we are on the way! With God’s help and by constantly adhering to the financial principles taught us, we have been set free! How beautiful it is to escape the trap of burdensome debt!
Most important throughout this long ordeal, we continued to tithe each month -- a commitment made to God many years ago. I believe through surrendering ourselves to God, accepting that it all belongs to Him and humbling ourselves by asking for help, He has provided a path to financial freedom!
Owe no one anything, except to love each other,
for the one who loves another has fulfilled the law.
Romans 13:8