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With rumors of recession come an influx of those who want to "help" prepare you for the worst by consolidating your debt. However, most of the for-profit debt counseling companies charge a hefty fee for their services, which is usually tacked onto your debt load. Instead, go to the National Consumer Credit Counseling Service found at www.nfcc.org and use their free services.

As things begin to get tight, you might be tempted to get a HELOC (Home Equity Line of Credit) or refinance in order to pay your consumer debt. Bad idea. This will only deteriorate the equity in your home, and chances are really good you'll be right back in that huge boat load of debt by this time next year. The better option is to cut costs, budget, and go to the National Foundation for Credit Counseling (NFCC).

If you don't have the "B" word as part of your lifestyle, then yesterday was the day to start budgeting. Set one up with online budgeting tools, found at moneycentral.msn.com or crown.org.

When my husband takes a wrong turn, our GPS (whom we've named Bitty) says, "Recalcuating. Recalculating." In this tip, you're building your savings and paying down debt with the previous tips. But you're also recalculating your budget to accommodate the act of actually writing a check to pay debt or to fund your savings account. Otherwise, all the money you save is just flying out the door.

Whenever a "theory" is tested, it must stand up to a "proof" in order to be established as true. You can have all this good stuff on paper, but if you slap down the credit card to pay for a "40 percent off" killer Marc Jacobs suit, or buy a new car (which will instantly depreciate at least 5k when you drive it off the lot), and you have consumer debt—then your plan is only a theory. For it to become real, you need to make it part of your daily life. This means you start living with your plan and don't incur more debt.

In the midst of economic change and challenge, it's important to remember the apostle Paul's words in 2 Timothy 1:7, that God has not given us a spirit of fear, but of power, love, and a sound mind. If you focus on these truths and follow God's instructions regarding money matters, then you'll be way ahead of your high maintenance neighbors, and neither you nor your spouse will regret it. Once you hold to the plan, you'll find that the proof is in your new purpose to live without worries about a possible recession.

Copyright © 2008 by the author or Christianity Today International/Marriage Partnership magazine. Click here for reprint information on Marriage Partnership.

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