The Bible is filled with references of how Christians should handle debt and finances. Paul writes in Romans 13:8, "Let no debt remain outstanding." Sobering words for Christians who find themselves drowning in debt. Achieving financial freedom means gaining spiritual freedom as well. To that end, many companies now offer debt relief with Christian themes and philosophies.
Credit Counseling
The first step for many individuals trying to pay off debt is a visit with a credit counselor. Credit counselors help you analyze your outstanding debt and take a hard look at your spending habits. Many people have never developed a financial plan or budget, so sitting down with a counselor can be an eye-opening experience. There are many nonprofit and Christian credit counseling programs available on the Internet and in the yellow pages. Before signing up with any company, check to see what fees, if any, are involved. Ask questions to ensure that the company has the spiritual values that you are looking for. Many reputable companies do not charge an upfront fee and have small monthly fees. Visit the Christian Debt Solutions website for links to trustworthy companies.
Debt Consolidation Companies
Christian debt counselors review a client's debt portfolio to see if consolidation is the best option. Christians with a debt consolidation plan pay one lump sum per month to a debt consolidation company. The company in turn disperses the money to the client's creditors. The company will also contact the creditors to negotiate lower interest rates or terms in order to pay down the balance quicker. The benefit to the consumer is he now only has one affordable monthly payment. A company that has Christian values will counsel clients as to the best options to overcome debt.
Christian Financial Education
Crown Financial Ministries has a solid reputation for helping Christians achieve financial freedom. On their website, you can find financial calculators and tools to help analyze spending and create budgets to overcome debt. There are also printouts for churches that wish to hold small group classes in financial ministry. The site also boasts several articles on debt management and overcoming debt. Bible Money Matters is another helpful site that offers timely articles for Christians seeking to overcome their debt problems.
Conquering Debt
Debt counselors and debt management plans can help with overcoming debt, however it is important to note that you are capable of doing what these companies do all on your own. The first step in overcoming debt, according to Crown Ministries, is to give everything over to God. This includes debt, income and worrying. This is a metaphorical statement of course, but Christians should turn first to prayer and then follow the teachings of the Bible to overcome a tough financial situation. Stopping the use of credit cards and starting to pay down high-interest debt are the subsequent steps. You do not need a company to negotiate lower credit card terms on your behalf. This is something that you can do yourself in an effort to pay down debt. How Christians handle their finances reveals much about their character, as Jesus tells us in the Parable of the Talents (Matthew 25:14-30).
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