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Christian debt consolidation may or may not help you
There are all types of people who can provide professional help to consumers with problem debt. One type of company specializes in helping Christians with their financial problems. If you seek out such a company that offers or advertises “Christian debt consolidation”, be careful. They may or may not be able to help you.
Read on.
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Problem debt needs competent financial help. Make sure you find it
There is no single type of person with debt problems. Like any other sort of person, the indebted come in all shapes and sizes. Some are tall, some are poor, some earn more than others. Some are Christians. While there are no companies that we know of that exist solely to help tall people with debt problems, there are companies that exist solely to help indebted Christians. These companies are not hard to find; you only need to look online or in the Yellow Pages. They will prominently list themselves as offering “Christian debt consolidation.”
There is no such thing as “Christian debt consolidation”, of course. There is only debt consolidation. What they mean, generally, is that they specialize in offering help to a predominantly Christian clientele. As a rule, the owners of the company will also state that they are themselves practicing Christians, and that they are there to help others of faith who have money problems. For many consumers of faith, there is comfort in seeing that there are companies that exist to cater to their needs. If such companies make you feel comfortable, then, by all means, give one a call if you need help. Be aware, however, that the help they offer will not necessarily be any different than the help you would receive elsewhere. It may be better, worse, or the very same. And just as debt help that you might receive elsewhere will not be free or even inexpensive, it likely will not be so if you obtain it from a “Christian” company, either.
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Most financial problems are similar, and so is the list of available solutions. If you owe more than you can pay, there are only so many different things that can be done, no matter who does them:
- Negotiate a settlement. This would mean discussing a payoff amount for less than the amount owed. If you can talk a company to whom you owe $10,000 into settling for $5000, then you have accomplished something. Be aware that the forgiven debt is taxable, as though it were income.
- Debt consolidation - This would be a matter or taking out a new loan to pay off a number of other loans. Ideally, the new loan will have a lower interest rate than the old ones, thus reducing the total monthly payment.
- Negotiating a lower interest rate - If you cannot negotiate a lower amount of money, you might be able to negotiate a lower interest rate with your lender or creditor, thus reducing the amount you have to pay each month.
Those items listed above, along with credit counseling, are generally the only solutions available, whether you are doing business with a Christian company or not. The companies that provide this help will still want to be paid, and their services will still cost you money. Consumers should also be aware that companies may label themselves in any way they wish, but that doesn’t mean that the services they offer are any good or that they are competent. Before signing up with any company for financial assistance, you should seek out references.
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