Christian Debt Relief Programs

Becoming debt free can be challenging for anyone regardless of religious affiliation but Christians may find it even more worrisome. The Bible says to owe nothing except for love. Unfortunately housing troubles and credit debt escalation make it difficult to follow this divine rule. Christians seeking to climb out of debt can turn to a number of debt resolution organizations with Christian values at their core. Working with a company that understands their spiritual values is very important to a number of Christians.

Credit Counseling

There are many debt counseling organizations that label themselves as Christian or non-profit. It is best to do your homework before signing up with a program. Most reputable companies will not charge an upfront fee and the monthly fee will be minimal. Christian debt counselors help develop budgets and work with clients to build a debt management program. They do this with spiritual principals as their guide. Christian Debt Solutions has a website that offers many links to reputable companies as well as links to free budgeting applications.

Debt Consolidation

Debt consolidation is not the necessarily the same as debt management although they both reduce your overall monthly payment. Christian debt consolidation means taking on a new loan which pays off your creditors and leaves you with one monthly payment. This option is best for those with high debt but good to average credit. The key is to not take on a payment with a higher interest rate then you are already paying. Americas Christian Credit Union supplies personal loans for Christians seeking debt consolidation. One advantage of debt consolidation through a separate loan is that your credit accounts stay open unless you choose to close them. It is always best to have some revolving credit in order to help your overall credit score.

Christian Ministries

Christian churches offer finance classes, many of which are based on the teachings of Crown Financial Ministries. Crown offers financial and debt management advice through articles, study guides and online tools. The site offers resources for Christians seeking debt management. The Debt Free Christian website is also a resource for Christians seeking debt management advice from a company with a spiritual focus.

Warnings

Although many programs promote themselves as Christian organizations, some may not be legitimate. Research is important before deciding on a program. Consumers should search the better business website or the consumer affairs website to find out if companies have experienced customer complaints. Reports of companies taking payments and not passing them to creditors are common on the internet. Non-profit credit counselors also may pose some risk especially if they are working for the creditors. Christians should inquire at their churches about the availability of credit management classes within their own communities. Local banks and churches sometimes offer financial seminars or classes, check your local newspapers to see if there are any in your community.