Twelve-step program for financial recovery

1. Admit that we are powerless over credit and that our lives have become unmanageable;
2. Understand that no matter how much we work, how many raises we get, we will not get out of debt
3. Made a decision to turn our will and our lives over to a good credit counselor.
4. Made a searching and fearless moral inventory of all our debt.
5. Admitted to God, to ourselves, and to all others the exact nature of our credit wrongs.
6. We must be ready to expunge these defects of character and our love of frivolous spending.
7. Humbly asked Him to remove our shortcomings.
8. Made a list of all our past-due accounts and unpaid credit cards, and became willing to make amends to them all.
9. Made direct payments to creditors wherever possible, except when to do so would injure us and others.
10. Made a budget and when we strayed promptly admitted it.
11. Sought through prayer and meditation to improve our conscious contact with God as we understood Him, praying only for knowledge of His Will for us and the power to carry that out.
12. Having had a spiritual awakening as the result of these steps, we tried to carry this message to credit addicts, and to practice these principles in all our affairs.

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2 Responses to Twelve-step program for financial recovery

  1. angunc3 says:

    I don’t know if you are a Christian, but many of the Twelve-step style approaches to different life crisis (alcoholism, gambling, and debt like you posted above) are based in Christianity. I find that giving it up to God has always worked well for me, from emotional situations, to my husband’s medical problems, and I’ve seen it with friends in debt. It is important to “give it up to God” so to speak both literally and figuratively. If you are Christian you may find a couple of verses helpful: Mal. 3:10, Math. 17:20, and 2 Cor. 9:8.

  2. thepennypincher says:

    I agree. The hard part is admitting your weakness and understanding when you need help. Too often, we either deny the problem or we believe that we can fix it on our own, but you end up causing yourself more grief and driving away the people that matter in your life. Fortunately, I did not have to deal with other addictions, but I have witnessed enough of the suffering that it can cause. It is never pretty.

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