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It can be tough to know whom to trust with your big financial issues. If you’re deep in debt, it can be difficult to put your faith in just anyone. Fortunately, there are Christian debt consolidation companies designed specifically to help guide you through your money troubles. Here’s what a Christian debt consolidation company can do for you.
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What Is Debt Consolidation?
Before diving into the specifics of Christian debt consolidation companies, let’s look at the broader term of debt consolidation itself. People struggling to keep up with many lines of credit might be interested in simplifying their lives. Consolidating those debts into a single new loan can accomplish this.
There are multiple ways to accomplish this. Some people will go the do-it-yourself route by taking out a new loan or completing a credit card balance transfer. Others will find that working with a debt consolidation company is the better route. Either way, there are certainly situations where consolidating debt can be a good move.
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Why Is Debt Consolidation Useful?
Debt consolidation can be useful to consumers in a couple ways. First, it’s much easier to keep track of your bills when they’re all combined into a single payment. Instead of having to worry about various bills due at different times of the month, you can just focus on repaying a single loan. This streamlined system can help you avoid accidentally accumulating late fees while also affording you greater peace of mind.
Additionally, it’s possible to actually improve your overall repayment scenario by consolidating your debt. Interest rates are one of the most important elements of determining the affordability of a loan. If you can lower your net interest rate with the consolidated loan versus how it was with each individual one, you’re going to end up paying less over time.
What Can You Expect from a Christian Debt Consolidation Company?
Now that you have a general understanding of the concept, let’s look deeper into what you can expect from a Christian debt consolidation company. For the most part, you’re going to get services that are similar to those you would expect from any other consolidation program. These are a few things the company will typically offer:
- Christian credit counseling – This will work like any other credit counseling service in its basic practices. You’ll be able to get free resources and educational materials. Additionally, you will be able to speak with a credit counselor about your best course of action for improving your finances.
- Christian debt settlement – This is where you have a representative negotiate a deal with your creditors so that you’ll pay a lump sum that’s less than you owe. This is a common service, but it’s typically best left for situations where you don’t have other options. This is because you’ll have to stop paying your bills in order to successfully do this, which can badly hurt your credit.
- Christian debt consolidation – When working with a Christian debt consolidation program, you’ll have all your qualifying loans rolled into a single new one. This is a great option for people who think they can beat their debt if they just have a little help lowering their interest rate or simplifying their repayment plan.
The points above are all pretty common for all kinds of debt relief companies, regardless of affiliation.
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So, what makes Christian debt consolidation companies different? Here are a couple things that set them apart:
- Things are generally focused around Biblical world views. This includes language the representatives use, as well as what you’ll find in educational materials.
- The people who represent you will be people who share your faith. If this is an important consideration for you, it’s definitely worth looking into Christian debt consolidation services.
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It’s worth noting that not all organizations that bill themselves as Christian debt relief programs are legitimate. There are lots of people out there who make a living taking advantage of people going through financial troubles. Just because someone labels themselves a certain way doesn’t mean they actually represent that. Make sure you look for red flags, such as few, or overwhelmingly negative, online reviews.
Working with a Christian debt consolidation company can help you get to a better place with your finances. This will help you not only in your personal life, but also in your business as well. When you have less stress about debt, you’ll be able to be more creative in running your business. Look for a reputable organization that can assist you with improving your relationship with money and lead you to retiring your debt.