“The steward said within himself: What shall I do, because my lord taketh away from me the stewardship?”

In difficult economic times, like the one that now holds the nation in a vise-like grip, many of us turn to the Bible for guidance, hoping and praying that we’ll find an inspired solution to mounting debts.

Of the four evangelists, Luke is the one most concerned with the right use of money. In Chapter 16, he recounts three parables that deal with wealth. First, there is the story about the Prodigal son; then there is the story about the dishonest steward; and finally, there is the story about the rich man and Lazarus. All three are cautionary tales about the wise use of money.

The rich man in Luke 16: 1-8 lost his money by entrusting it to a greedy, dishonest steward. What is remarkable about this parable is the way the victim allowed himself to be duped twice - - after being exposed, his dishonest steward had enough time to cancel the outstanding loans of his master's debtors.

The rich man's wealth had lulled him into a false sense of security, and as a result, he took an unnecessary risk in managing his money.

Rich or poor, we can all fall into the same trap that ensnared the master in today's parable: ready access to credit can lead to risky behavior.

For instance, a news wire story on credit cards revealed 76% of undergraduate students have a card and their average balance is $2,679. But, for the most part, those balances are not due to necessities, but rather, to things like liquor, pizza and cell phone charges. Long after graduation, many of today's students will continue paying close to $5,870 in interest charges on those balances - - more than double the original purchase amount. And that's on top of any debt they may have incurred for student loans to cover tuition, books, room and board.

This modern day parable does not end there. Credit card debt per household has quadrupled since 1990. At the same time, second mortgages have depleted much of the average household's home equity. And the number of foreclosures continues to rise in the wake of the sub-prime mortgage mess..

If you're deeply in debt; unable to pay bills on time; lose track of how much you owe; get dunning calls from collection agencies; and use cash advances to pay routine bills, you know the hazards of lax money management. As it says in Proverbs 22:7, "The borrower becomes the lender's slave."

The problem may have begun with a divorce, illness, injury, job loss, or impulsive spending; but whatever the cause, you have to get out from under the crushing burden of debt. The only way to do that is by simplifying your life style.

1. 1.Start by tracking your expenses for a month. Then create a budget in which you separate necessities from discretionary items. Some of the funds in the discretionary column can be earmarked for paying down debts.
   

2. 2.Create a list of all your debts and make it a priority to pay them off, starting with the smallest balance and always paying more than the minimum required on the rest. Paying off the smallest balance first will give you a sense of accomplishment. And as you pay off each debt, you increase the amount available to pay off other debts. Be sure to cancel the credit cards as you pay them off.
   

If you're one of the families who lost much of their retirement nest egg after the sub-prime mortgage melt down and stock market retreat, you're discovering how hard it is to recoup your losses. While you might have lost half of your money, you would have to double what you have left just to get back to where you were.

The temptation is to take on greater risks in the hope of earning more, but too often that strategy can compound your losses.

Recent events remind us that the age-old parable of the rich man is as timely as this morning's headlines. We all have to be good stewards of the wealth that has been entrusted to us. We have to live within our means and pray for guidance in managing our money.

To quote one Christian financial counselor, "Every spending decision is a spiritual decision." Everything we purchase is bought with funds entrusted to us by a loving and Provident God. All that we possess is on loan from Him - - that is the first debt we must honor.