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“The rich rule over the poor, and the borrower is slave to the lender.” (Proverbs 22:7)
Therefore, if you are in debt, your indebtedness compels you to become a slave to the lender, which is utterly conflicting to the Biblical principal of single master. According to Christianity, God is the prime master and you should always be under His servitude. If you fall in debt, your creditor will become your second master and your mind will remain obsessed with your debt payments. Consequently, you'll be deviated from the path of worship.
Christian debt consolidation can help you pay off your debts and remain in the path of righteousness by using the Biblical principles of honesty, honor, and financial responsibility. Usually, most debt relief and non-profit organizations offer Christian debt solutions to the people. However, you have to go through a Christian debt counseling session before your get enrolled in the program.
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In a Christian debt consolidation program, your debt counselor contacts your creditors, and tries to lower the interest rates and eliminate the late fees, so that you can pay off your debts more effectively. Once the Christian debt consolidation company provides you with a repayment plan according to your financial situation, you start making a single monthly payment to the company. After this, the Christian debt consolidation company disburses the amount amongst your creditors. This way you eventually get respite from your debts.... (Know more)
There are several reasons behind getting enrolled in a Christian debt consolidation program. Primarily, a Christian debt consolidation program helps you take control of your financial and spiritual life. Getting out of debt is one of the major reasons why people get enrolled in this program. In a Christian debt consolidation program, you're primarily required to face a counseling session where a Christian counselor reviews your income and expense. The counselor gives you effective advice so that you don't break up in that situation. Apart from this, the Christian debt counselor makes it very clear that you should always live within your means, and if you are in debt, you're supposed to honor your debts. Therefore, a Christian debt consolidation program not only helps you become debt free, but also assists you to lead a better spiritual life.
Christian debt consolidation is almost similar to traditional debt consolidation program. However, it's primary aim is to help you get out of debt in a Biblical fashion. Check out the 3 advantages of Christian debt consolidation program:
1) Reduced interest rates: Like traditional debt consolidation programs, Christian debt consolidation programs also help you get lower interest rates by negotiating with your creditors. This indirectly helps you make lower monthly payments.
2) Combined monthly payment: In a Christian debt consolidation program, all of your debts are combined into a single monthly payment, and you are just supposed to make that payment to the debt consolidation company. Therefore, it becomes much convenient for you to pay rather than dealing multiple creditors and multiple deadlines.
3) Late fees and penalties are waived: If you get enrolled in a Christian debt consolidation program, the Christian debt consolidators will negotiate and waive off some of your late fees and other additional charges. This certainly lowers the total amount you'll be paying toward your debt.
Apart from Christian debt relief program like Christian debt consolidation, there are programs like Christian debt settlement and management programs, which can also help you resolve your debts effectively. Have a look at the following sections to know more about these programs:
1. Christian debt settlement: Christian debt settlement program is almost similar to traditional debt settlement programs. Here, a Christian debt arbitrator will negotiate with your creditors in order to cut down your total outstanding balance to some extent. The main reason behind this Christian debt relief program is to help a Christian become debt free, so that he can start serving God wholeheartedly once again.
2. Christian debt management: Christian debt management program is somewhat similar to regular debt management programs offered by traditional debt management firms. In this debt solution program, you get help from a Christian debt counselor to plan a budget as per your financial condition. The counselor further helps you pay off your debts as per Christian values.
Now, is it is ethical to pay off your debts through a Christian debt solution program? Since in most Christian debt solutions, the creditor either forgives a portion of the debt or reduces the interest rate, for many these are not ethical according to Christian perspective.
However, according to the Christian perspective, it is ethical to take advantage of the Christian debt solutions when the debtor's situation is worst and the only option left is bankruptcy. If a debtor files for bankruptcy, he often ends up paying almost nothing to his creditors. Nevertheless, according to Bible, it's better to pay as much as you can than paying nothing. Therefore, paying off debts through debt solutions is Biblically correct than filing for bankruptcy.
However, if you can resolve your debts on your own, then it is ethically and religiously immoral to use debt solutions.
Debt doesn't consider any religion. It doesn't matter if you are a pious Christian or not. It doesn't matter if you go to Church regularly or not. Debt burdens are not going to give you respite until you pay off your bills completely. However, Christian debt relief services can assist you become free from your financial obligations. Moreover, the debt counselor's advice helps you to stay within your means. Thus, makes you aware of the Christian way of living.