Debt-Free and Staying that Way

In 1977, newlyweds Tom and Donna Watt had a volkswagon bus and big dreams. "We went out with a great sense of adventure and trust in the Lord, and we didn’t think too much about finances," says Tom. Fifteen years later, the Watts still had big dreams. But they were $36,000 in debt. They had to move across country to make a job change, adding thousands to an already huge debt load. "You figure the move, then those college loans, then a couple of car loans, and before you know it... we looked and went, 'Whoa, $36,000, how did that happen?' " remembers Tom. "Tom really didn’t tell me what our financial situation was," says Donna. "I personally felt that I had disappointed the Lord," says Tom. "And I felt like somewhat of a failure in the area of finances, and I knew I needed help." Tom and Donna knew the principles of Biblical finance but hadn’t put them into practice. A friend helped Tom draw up a financial plan. "It was a Biblical plan. It was a model for getting out of debt and at the same time challenging us to increase our giving," says Tom. "Once Bob laid out a plan for us, I was so excited. I thought, 'There really is hope for us.' We quit spending money on things we didn’t need and the other thing is that I went so far as to sell our newer cars and pay off those loans, and take any money that we had left, so that we could get cheaper cars. We did everything we could to follow the plan and pay one debt off one by one." The Watts not only paid down their debt, they began to give 10% of their income away. Along the way, the Watts faced two opportunities to buy a house before their debt was paid off. The bank said they qualified for a home purchase. But they checked with a more qualified advisor. "We thought about it, and then we prayed together. And we realized that it just wasn’t the right time financially, we just weren’t at our goal yet," says Donna. After only four years, Tom and Donna were completely debt-free and able to purchase their first home for a lower price than they had considered before. They now understand what financial freedom means... "It was exciting to the degree that we wanted to keep living that way," Donna says. Tom and Donna have enjoyed 10 years of debt-free living. They became CBN partners in 2004 and recently doubled their giving to become 700 Club Gold members. They're committed to God’s principles for financial success. "One of the most powerful Scriptures for me, one that I could not escape was, 'Owe no man.' How important it is to be debt-free. The benefit of that has been that we are able to give more generously and freely. There’s no question, nor will there ever be left in my mind, that God’s plan for stewardship and for giving is perfect and it works," says Tom. God wants to bless you too, just as He has blessed Joanne. One way you can give to God’s work is through CBN. Not only will you reach thousands each day with a message of truth and hope through The 700 Club, you will also help feed and clothe children around the world, bring medical aid to those suffering, and so much more. Please join with us today.