peter anderson bible money matters interviewIn the credit card world, you hear many people sigh at high interest rates and why credit cards are not good for people with serious debt. It is easy for young spenders to fall into these traps, so we sought out a principled financial adviser to sort through some questions about these problems.

Peter Anderson is the owner of BibleMoneyMatters.com and a respected voice of wisdom in the financial world similar to Dave Ramsey. He is known for helping people get out of excessive debt with detailed financial plans.

Since the search for the best credit card rates online requires foresight and planning, we are pleased to present Peter’s thoughts on some worthwhile financial issues, especially since the principles guiding his advice will remind readers of their own goals and priorities for their finances. Thank you, Peter, for your advice!

What resources would you recommend to readers trying to pay off excessive credit card debt?

Peter: For our family when we were paying off debt we used the Financial Peace University program through Dave Ramsey.  There are plenty of other financially sound programs you can use, however.  Just find a program that will work for your family, one where you are encouraged to setup a budget, reign in spending and get rid of the credit card debt as fast as you can.To keep our family budget we use a software called “You Need A Budget”, but again, there are lot of good financial software that can help you to keep track of what’s coming in, and going out.  Just make sure to start keeping track!

For those considering their current financial situation, when does excessive spending begin to become a problem?

Peter: If you’re overspending, but you’re not able to save for retirement, your kid’s education, or anything else, you may want to thinking about cutting back and finding ways to save money.
I think the spending becomes a problem when it gets in the way of your short and long term goals.

Sitting across the kitchen table from a young couple preparing to begin making significant financial decisions, what advice would you most strongly communicate?

interview with peter anderson of bible money mattersPeter: I would communicate the importance of putting together a plan.  Far too often people wait to put together a joint financial plan until it’s too late and their mired in credit card debt, mountains of student loan debt or worse.  Talk with your spouse about the important things like creating a budget, setting family financial goals and making sure you have insurance and an emergency fund setup just in case.

You’ve recommended a cautious approach to debt on Bible Money Matters. What experiences and influences produced this philosophy?

Peter: Thankfully we never had to deal with an overwhelming amount of debt, only a few thousand in credit card debt and student loans.  But I’ve seen first hand just how hard having a mountain of debt can hit a family, causing them to have to work multiple jobs, forgo their financial goals, and look for a financial Plan B when everything starts falling down around them.

Yes, there is a place for debt, but to me the situations in which to use debt are few and far between because debt has a way of making you a slave to it, reducing your freedom, and hindering your forward progress.

You strongly emphasize giving as part of your financial philosophy. How do beliefs and life goals fit into a person’s spending?

Peter: Giving is an important part of our family’s philosophy. As Christians we feel that we’ve been richly blessed and it’s our duty to find ways to help others where we can.
Much will be required of everyone who has been given much. And even more will be expected of the one who has been entrusted with more. Luke 12:48

We’ve found, however, that when we give it is often even more of a blessing to us, than to those we give to.

Because we have a strong belief in giving, we’ve made that a part of our family’s budget, and a part of monthly goals.  Giving comes out of our paycheck first, and everything else comes after that.

We would like to thank Peter for the financial advice he has given through Bible Money Matters and for his time answering these questions!

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One Response to “Interview with Peter Anderson of BibleMoneyMatters.com”

  1. Peter says:

    Thanks for the opportunity Mac!

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