Man Has Plan To Free Yourself From Debt

By Craig Day, The News On 6

BROKEN ARROW, OK -- While some people worry the turmoil in the banking industry will cause a credit crunch, others say you don't need credit at all.  But can you get by without ever needing to borrow money?

With gloomy warnings about the economy and banks around the world starving for cash in the tightening credit market, there are still folks like Dave Kendall.

"When everybody is worried about the economy and worrying about the credit, and everything, I haven't lost a minute of sleep," said David Kendall, business owner.

He doesn't have any credit concerns because Kendall runs his household and his playground equipment business without taking on debt.

"We live on a budget, personally and in the business.  And so, we do everything on a cash basis," said David Kendall, business owner.

It all started 15 years ago.  Kendall's business was in a hole:  $250,000 in debt.  He got serious about sticking to a budget and vowed never to live paycheck to paycheck again.

"Takes the fortitude to say I'm not going to live that way and sometimes you have to put things off for a little while," said David Kendall, business owner.

Kendall follows a plan much like the one championed by radio host Dave Ramsey and taught in thousands of Financial Peace University classes nationwide.  Kendall says it works.  He hasn't had a car payment in nearly 15 years. 

"We drive them until there is no drive left in them," said David Kendall, business owner.

Instead, he saves up the money to pay in cash.  Kendall also paid off his 30 year mortgage in less than nine years.

"Without having credit card debt, without having a car payment, I was able to take those and stick it on a house payment and double that," said David Kendall, business owner.

Kendall says it takes a lot of discipline and won't happen overnight, but adds the hard work is worth it.

"When the opportunity still is there for me to go borrow money, but I just determined I will never, ever, ever owe the credit card companies another dime," said David Kendall, business owner.

Kendall says first develop a budget, and get an emergency fund.  Then, pay off your debts smallest to largest rolling your lowest payment to the next highest debt when the previous debt is paid off.

Kendall has a seminar coming up in Broken Arrow this Saturday.  It's free, but you need to call ahead to let them know you're coming.

The Practicals of Financial Freedom
David Kendall
Love and Grace Baptist Church
1515 S. Main Street in Broken Arrow
Saturday - 10 a.m. to 3 p.m.
Call Ahead: 918-639-8281