Christian Debt Counseling to Ease Your Burden

Posted on February 25, 2010 @ 6:40 am

There are a number of companies that provide Christian debt counseling services and use Christian principles in negotiating with the creditors and in advising their clients.  It would indeed be very helpful for the borrower because having a substantial amount of debt is not only about the financial burden but also carries with it some degree of shame and guilt.  Christian debt counseling may be helpful in eliminating the stress but it is also advisable to ensure that the provider that you are dealing with is legitimate.  It always makes sense to check with the Better Business Bureau to see if there are any complaints about this particular company and thus avoid becoming one of the victims of Christian pretenders.

If found to be legitimate, Christian debt counseling services can bring down your monthly payments, do away with over-the-limit fees and late penalty charges, and substantially decrease interest rates.  They would be capable of transacting with the creditors for the reduction of interest rates and your monthly payments.  They may also negotiate with the finance companies for the elimination of penalties that they usually apply when you are over-the-limit or when you are late in your payments.

A trained credit counselor of the Christian debt counseling company will examine the history of the borrower’s budget, payments and debt.  The counselor will develop a repayment schedule that ensures that the monthly payments are affordable for the borrower.  And for consumers with multiple loans with high interest rates, the counseling firm may look into the possibility of getting a consolidation loan that will be used to pay off all of these loans.  The consolidation loan may either be unsecured or secured but the secured type has the benefit of having a lower interest rate and should be used if the borrower owns a property, such as a home, that can be used as collateral.  However, care should be taken because the debtor could lose his or her home if payments are not made, although proper debt management strategies may make this unlikely.

The Christian debt counseling service provider may also arrange for a debt settlement when the amount that is due is substantial.  The decrease in the amount to be paid may be as large as 60 percent for service providers that are well-experienced and for certain situations.  This is a popular way of settling debt because of the huge amount of savings that will allow the debtor to eliminate his or her debts much quicker.  The creditors usually consent to the reduction if they realize that the consumer has reached the condition where he or she might file for bankruptcy. Stop by http://thedebtanalyst.com for more information







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