Financial Wisdom: 3 Tips That Work (continued…)

by Tonja Taylor

It's a great feeling to pay off a debt early, and I've done that several times, including with a car I had. I paid two monthly payments, instead of one. (Note: For some reason, from what I've experienced, it's more powerful to pay two separate payments, on two different days, than to double up on one monthly payment.)

(3) When you pay off a loan or credit card, do not close the account leave it open! I know, it sounds crazy, and contrary to what should be, right? It seems that it would make sense (and prevent temptation to use the loan or credit card again!) to close such accounts. However, as my husband and I have learned (to our slight shock, thinking we were good stewards to pay off debt and close the accounts!), when you close an account, it can lower your credit score!

All the more reason to "owe no man anything but to love him," as Romans 13:8 (AMPC) states: Keep out of debt and owe no man anything, except to love one another; for he who loves his neighbor [who practices loving others] has fulfilled the Law [relating to one’s fellowmen, meeting all its requirements].

So these three tips: (1) tithing; (2) paying more monthly on a loan; and (3) not closing paid-off accounts, to prevent the lowering of your credit score, can only help your financial situation. God bless!