Changes in the global economy and the lingering effects of the recent global economic slowdown have left many faithful Christian families one serious emergency away from financial disaster. This condition is often caused by the accumulation of small debts assumed to fund genuine moral obligations. The Christian debt consolidation approach honors the sincerity of the borrower’s intention to do the right thing when the existing debts were incurred, and the borrower’s sincere desire to pay back as much of what is owed as possible.
Where the Christian debt consolidation approach varies from typical approaches is the sharing by both the debtor and the dead consolidator of a set of common beliefs and principles. Some of these include:
- There is a risk of debt levels interfering with the relationship between a Christian and God.
- Therefore, helping a fellow Christian to reduce their debt burden is a kind of missionary work consistent with the Lords charge to all his followers.
- When, in the course of helping a fellow Christian reduce their debt burden, it becomes obvious that debts cannot be paid in full, seeking forgiveness for all of a portion of a debt is not a breach of spiritual ethics.
- In most circumstances, when a creditor forgives all or a portion of the debt which is owed to them by a Christian genuinely unable to fully meet their debt obligations, that forgiveness represents a genuine Christian virtue.
How to Locate Christian Debt Consolidation Assistance
There are several ways to locate providers of Christian debt consolidation 345 assistance:
- Through pastoral counseling services offered by your church or faith community;
- By word-of-mouth referrals from other Christians;
- Through notices placed in Christ centered literature;
- Via Internet searches, followed by prudent reference checking.
What Kinds Of Assistance Are Provided By Christian Debt Consolidation Services?
Providers of Christian debt consolidation services make available all of the forms of assistance available by non-Christian services. Some of these include:
- Assistance with organizing and prioritizing outstanding debts;
- Assistance with establishing a livable family budget, and determining how much money is really available for debt service and reduction;
- Provision of financial management training resources,
- Provision of simple debt consolidation loans that help lower the monthly debt obligation through decreased interest rates and extended payment periods;
- Negotiation with creditors to secure better repayment terms were forgiveness of penalties incurred or portions of the balance owed;
- Serving as a single point to which monthly payments are made, and from which they go she needed payments are distributed to creditors.
Will Using A Christian Debt Consolidation Service Affect My Credit Score?
Depending upon the services provided, the use of a Christian debt consolidation service may have an effect on your credit score. Initial assistance with organizing and prioritizing outstanding debts in establishing a livable family budget will not affect your credit score. A well constructed debt consolidation loan may actually help to improve your credit score. Any service that results in a creditor reporting that a debt has been settled for less than the loan balance will have an immediate and long-lasting effect. A safe presumption, however, is that when it is necessary to seek debt forgiveness, significant credit score damage may have already occurred, or be likely to occur in the immediate future.
How can I ensure that the use of the Christian debt consolidation service will be in my family’s best interest?
It is definitely true the debt consolidation programs have left families in worst financial condition and they were before they started. Part of that reality can be explained by the fact that the provision of debt consolidation services can be highly profitable, and has historically attracted individuals with no moral compunction against taking advantage of the economic vulnerability of another. Use of a truly Christ-centered debt consolidation service removes at least that portion of the risk. Ensuring the complete success of any debt consolidation program requires some additional measures on the borrower’s part. Some of these include:
- If carelessness or lack of personal discipline were contributors to your debt crisis, the use of a Christian debt consolidation service will provide only temporary relief if the underlying causes of the debt are not prayerfully and energetically addressed.
- Many faithful Christians are not taught the importance of setting aside a small portion of their income for family savings as well as tithing. Maintaining an adequate savings fund plays an important role in ensuring timely payment of obligations remaining after a debt consolidation effort is completed.
- Remember that Christian debt consolidation services often require up to five years to produce the intended results. With debt consolidation, as in so many other parts of our lives, patience is not just a virtue. It is a practical necessity. Debt consolidation efforts that are too aggressive can create family stresses that undermine the discipline required to make the plan work, but more importantly, the cohesion of the Christian family.