Biblical financial principles
Debt-free in 15 months, with the help of her church



CNN Transcription:

BOLDUAN: Ten years ago Clements was $30,000 in debt holding about 100 credit cards with nowhere to turn. She finally found financial rescue in a surprising place - church.

With the help of this chorus at the First Baptist Church of Glenn Arden in Maryland, Clements was death free in 15 months and remains so today, weathering the current financial storm with ease because of what the class called biblical financial principles.

CHARLES ELLERBE, FINANCIAL FREEDOM TEACHER: God tells us that life is cyclical. OK? Nothing is -- you're not going to be up all the time, you're not going to be down all the time. Life is cyclical.

You have to prepare when life is good, knowing that the bad times are coming.

BOLDUAN: Clement worked out a deal with her credit card companies to pay down the debt. She also cut back to the bare necessities.

CLEMENTS: No more eating out. Simple things like coffee and Danish in the morning was a ritual that ceased.

BOLDUAN: It's the kind of discipline the former money watchman under the Clinton and Bush administration says the federal government desperately needs.

(On camera): It's not going to be easy, correct?

DAVID WALKER, FORMER U.S. COMPTROLLER: We have to get back to basics. We need to be able to re-establish tough budget controls. We need to reform Social Security, our tax system, our health care system.

BOLDUAN: David Walker has been warning of the dangers of a debt- ridden government since he left office. He's now the star of a documentary on the topic called "I.O.U.S.A."

WALKER: People need to understand how to budget. They need to prepare for a better tomorrow. And so does the United States government.

BOLDUAN: Clements says the road to debt freedom was long and tough. She made a credit card collage as a reminder and she hopes to serve an example. CLEMENTS: And a lot of people do try to keep up with the Jones's, but my advice to them is stop trying to keep up with the Jones's because they're broke.

BOLDUAN: Kate Bolduan, CNN, Waldorf, Maryland.

Labels: bible, Christianity, debt