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The 7 Step Debt Attack Strategy that works!

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Welcome to our Financial Matters weekly notes, where we will be looking at how to break the debt cycle, making use of the 7 step debt attack strategy.


Debt keeps many in bondage and can lead to much heartache. Debt can block you off from being able to attain financial freedom. It can cause much pain.

Don’t let debt enslave you!

Proverbs 22:7: “The rich rule over the poor, and the borrower is slave to the lender.”

Is your debt spiralling out of control?

Are you battling to keep your head above the water as your debt levels rise?

Many are battling to make ends meet. When you have a number of small debts, like clothing accounts, personal loans, and credit cards that are maxed out, your cash flow can be quickly eroded, and leave you with no liquidity in your budget.

Debt can leave you with that sinking feeling as the debt repayments accumulate, leaving you with the burden of greater expenses that need to be repaid. Many are left cash strapped with more month than money.

If you are having to use a fair share of your take home pay to fund debt repayments it can leave you feeling completely overwhelmed, defeated and stressed out.

Today we want to share a 7 STEP DEBT ATTACK STRATEGY that can help you implement a workable solution to obliterate your debt and in turn help you gain control over your financial affairs.

This 7 STEP DEBT ATTACK STRATEGY works! You can not only wipe out your debt, but you can also build towards financial freedom.

If you find this blog post helpful and encouraging in any way, please leave a like and don’t forget to leave a comment in the comment section, located at the bottom of the post. Join us by subscribing! We would greatly appreciate your input and support!


Last week we looked at the consequences of being in debt and we also shared a simple strategy that you can use to avoid the debt trap.

We recommended that you:

  1. Set up a budget
  2. Say no to debt
  3. Dare to be different
  4. Save first

Today I want to share a 7 STEP DEBT ATTACK STRATEGY with you. 

This strategy will help you to get out of debt and also put you on a path of building wealth instead of debt.

When in debt, it can feel like you have a leak in your bank account.

You can turn this around! You can discard the old bad habits of debt and start a new lifestyle building towards financial freedom.

So let us look at the 7 STEP DEBT ATTACK STRATEGY…

I can tell you I have received many testimonies of people who have used this strategy and wiped out their debt and are now on the road towards financial freedom. It works!

STEP 1  –  Draw up an inventory of your assets…

  • You need to draw up an inventory of everything you own.
  • It is important to include a full list of your savings and investments, as well as a full list of all your possessions. You should also include any un-used goods that are possibly gathering dust in your cupboard or garage. Do you possibly have any assets that you could consider selling? If so, you could possible sell your unwanted goods that in turn could free up some cash flow, that could be used to wipe out some of your debt.

STEP 2  – Draw up an overview of your income and expenses …

  • You need to set up a budget: You need to include all your income and all your expenses.
  • Make sure you have a running total in order to see whether you are in a credit or debit situation.
  • Keep a record of everything you spend your money on (even your daily cup of coffee and snack at the coffee shop).
  • Try to get into the habit of tracking your spending as it happens. Write it down in a notebook or store it on computer. You can also made use of an app on your phone (try to use a format that works for you)

STEP 3  –  Eliminate unnecessary expenditure and free up cash flow…

  • By categorizing your spending into “needs” and “wants” you can highlight those items of expenditure that can be reduced or eliminated completely.
  • This will allow you to free up cash flow in your budget, thereby creating extra available cash to help repay your debts.
  • Could you consider cancelling your membership or downgrading your mobile phone contract for a season, in order to reduce your expenses? These savings in your budget could be used to attack your debt.

STEP 4  –  List all your debts…

  • List all your debts on a schedule.
  • Arrange them in descending order, smallest to largest.
  • You need to take an honest look at your debt.  

STEP 5  –  Pay off ‘small’ debts first…

  • Ensure you pay the minimum payment due on all outstanding debts. Failure to do so will compound the problem (ie you will increase the amount of interest due, you could end up facing legal costs, and could end up being ‘blacklisted’, etc).
  • Using the cash flow you freed up in your budget, plus any excess funds you might have available, start paying extra towards the ‘smallest’ debt.
  • This will enable you to pay off this debt quicker than originally planned.
  • By paying off one of your debts, you will be motivated to stick to you plan, This will also give you a huge feeling of accomplishment.

STEP 6  –  ‘Roll over’ payments into the larger debt

  • Using the example above, you will now have the freed up cash flow, which can be applied towards the next ‘smallest’ debt.
  • Once this is settled you continue the momentum and pay off the next ‘smallest’, until you have settled all your outstanding debt, or have reduced it significantly.
  • As you progress from one debt to the next, the ball will be set in motion and you will gain momentum.  

STEP 7  –  Save..

  • Once your debt is paid off, continue to roll the payments forward into savings. After all, you should be quite used to not having it to spend.
  • Plan your saving in such a way that you make provision for (i) short-term savings, (ii) medium-term savings, and (iii) long-term saving.
  • Speak to a financial planner who will guide you on which product or vehicle to use in order to achieve your goals and financial ambitions.


You’ll be surprised how much debt you can clear with a decent debt-attack plan, and how quickly the amount you save on a monthly basis will grow.

If you can measure it, you can manage it!

If you put the 7-Step Debt-Attack plan into practise you will reduce your debt, and over time, you will be able to complete your operation wipe-out!

This strategy works! You can do this!

It is time to wipe out your debt! It is time to break the debt cycle and it is your time to build towards financial freedom.

Debt often starts off small and manageable, but can easily and quickly spiral out of control.

Don’t be an ostrich. Don’t bury your head in the sand. Face it!

Debt puts you in bondage, and can cause a lot of stress, but you can give your debt burdens to God, and you can implement this strategy to deal with your debt once and for all!

Today let me encourage you to put a strategy in place to get out of debt and build towards financial freedom.



Around 8 out of every 10 households are in debt.

Debt levels have hit an all-time high.


“Debt is like any other trap, easy enough to get into, but hard enough to get out of.” – Henry Wheeler Shaw

“Annual income, twenty pounds; annual expenditure, nineteen pounds; result, happiness. Annual income, twenty pounds; annual expenditure, twenty-one pounds; result, misery.” – Charles Dickens

Dave Ramsey says “If you want something you have never had, you’ll need to do something you’ve never done!”

Pray about breaking debt.


Give God your burdens …

1 Peter 5:7 says, “Cast all your anxiety on him because he cares for you.”

You do not need to face your life alone …

Psalm 37:3-5 says, “Trust in the LORD and do good. Then you will live safely in the land and prosper.  Take delight in the LORD, and he will give you your heart’s desires. Commit everything you do to the LORD. Trust him, and he will help you”.

Commit your plans to God.

Let me leave you with this…We all owed a debt we could not repay (sin). Sin puts us in bondage. Jesus Christ came and paid the FULL price of our debt so that we can be free. He paid the debt with His life when He shed His blood on the cross, so that we can go free. Take His free gift of life.

John 3:16 sways, “For God so loved the world (THATS YOU) that he gave his one and only Son (JESUS), that whoever believes (TRUSTS, PUTS THEIR FAITH/CONFIDENCE IN HIM) in him shall not perish (IN HELL) but have eternal life (WITH GOD).

God loves you. He paid a huge price for you. He wants to forgive you and He wants to walk the journey of life with you.


Father, I surrender my life to you, along with my burdens and failures. Lord Jesus, I ask you to be my Savior. Be the central part of my life. Today I put my life in your hands. Lord, please help me to wipe out my debt and to manage my money well. I ask you to give me wisdom. Please pour our your favor on my life. In Jesus name. Amen.

If want to start or restart your walk with God, click here to pray a simple prayer we have set up for you.


You can wipe out your debt. Consider setting up the 7 Step Debt Attack Strategy. With God at your side and with some discipline, you can attack your debt and wipe it out. You can break the debt cycle and you can build towards a brighter tomorrow.

God bless you. 

If you found this blog post helpful and encouraging, please leave a like and drop us a comment. Join us by subscribing! We would greatly appreciate your input and support!

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  1. I’ve sometimes paid extra on my bigger dept. It makes sense to pay extra on the smaller ones.
    Thank you

  2. Thank you for the Godly financial advice, very useful. I am on it and l know with Christ in it l am a winner

  3. I’m gonna write down my debts in descending order as you have suggested, I was always afraid to face them, I’m gonna use my spirit of love, power and sound mind. I’ve also started buying and selling stuff to supplement my income

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