In some instances, if you are honest with your creditors, they may surprise you by lowering the amount owed or even canceling the debt.
Ed had nine months left on the lease of a house he wasn't living in. He could not find another person to rent it and take over the payments. He shares, "I said to my landlady, 'I can't pay, and I can't get another loan. My mom's got cancer, and I'm buying her medication. I don't know how to pay you anymore.' About five seconds went by and she said, 'Well, you paid for the three months it's been empty, and you've tried, so we'll just tear the lease up.'
"Three months earlier there was no way she could tear the lease up because she was still making payments on the house. Just when I couldn't possibly pay, she was able to tear it up. The more I think about it, the more I realize I really am in good hands. God is leading me now."
Perhaps you have had someone who, by the grace of God, canceled one of your debts. The Scripture below is an illustration of Jesus' forgiveness and grace. Jesus canceled our debts (of sin) by dying on the cross, and He saved us from future debts by rising from the dead. He lives forever in heaven and guarantees the inheritance of everyone who calls on His name.
"Two men owed money to a certain moneylender. One owed him five hundred denarii, and the other fifty. Neither of them had the money to pay him back, so he canceled the debts of both" (Luke 7:41-42).