First Oak Island Jubilee Group

Oak Island's first Jubilee Group consists of 10 families from Ocean View UMC.  Three of the families act as "leaders" or "facilitators" and help direct the group toward freedom from the bondage of Debt.  

Using two excellent books as our guide, we have all committed to work together to take on no new debt, focus on reducing expenses and living within our income, and aggressively reducing and eliminating our current debt.  The first books is "The Four Laws of Debt Free Prosperity," by Blaine Harris and Charles Coonradt, and the second book we rely upon for guidance is the Bible.

The group began meeting in December last year, and has identified a total debt for the group of $290,588 in February 2009.  There were 72 individual family debts on our list, which include consumer debt, car payments, student loans, medical bills and credit cards.  

Because of the focus on our finances, tracking of expenses, and the teachings in the group, we have already (March 23, 2009) seen significant improvements in our finances.  One family was able to refinance some very high-interest rate debt and reduce their monthly payments by about $700.  

Several families have (or are in the process of) refinancing their mortgage at lower interest rates.  Some families have taken the responsibility to make an extra effort to pay off their own debt at an accelerated rate, and others have made wise moves to improve their financial situations.  All families have committed to take on no more debt, and to live within their means.

The group has also set Goals, and each family is praying and reading the Bible daily.  Tithing is an important concept, and the group has embraced the importance of tithing.  The small-group support, accountability and commitment to ourselves and each other are making this an exciting and meaningful effort.  

We ask for your continuing prayers for Jubilee- Oak Island, and for the families that are on this journey together.