Christian Credit Counseling

2007-03-08 10:33:40

( Financial )



Credit Counseling
Credit counseling is a term that refers to advice regarding credit. The advice provided by credit counselors can range from consumer credit management, and debt consolidation, to the proper use of consumer credit.

Consumer Credit
Consumer credit refers to any extension of credit granted to individuals for the purchase of goods and services, excluding real estate.

Other Forms of Credit or Loans
Loans and extensions of credit come in many different forms. Banks can grant different kinds of loans for specific purposes. They offer credit card services and personal loans. Car loans, real estate loans, and career development loans are examples of loans granted for specific purposes.

The Demand for Credit Counseling
Oftentimes, when you acquire a credit card, there is great difficulty in controlling purchases. Many people have experienced the stressful task of paying exorbitant credit card bills because of undisciplined spending. Credit counseling offers preventive and curative measures to those who wish to avoid or escape the pitfalls of excessive consumer credit debt.

Inundation
There is such a thing as a revolving debt. A revolving debt, when out of proportion, can bring endless stress. Imagine having to pay for a credit card bill with another credit card. Imagine having to take out a personal loan to pay off that credit card bill, and then having to borrow money to repay the personal loan when its term expires. These problems can occur when your income is severely mismatched with your spending, due to excessive use of credit. To avoid being inundated by debts, many people look to credit counselors for help.

Christian Credit Counseling
Christian credit counseling is simply credit counseling based on Biblical principles. If you desire credit counseling that also provides spiritual advice or is tied to spiritual principles, then Christian credit counseling may be a good option for you. However, if you prefer to avoid any religious tenor, look for credit counseling that does not advertise itself to as Christian credit counseling. Also, make sure to peruse the statements that credit counseling companies make about themselves. You will be able to observe right away if the company has religious intonations.

Loan Debt Consolidation
Debt consolidation is a service that many credit counseling institutions, Christian and secular, offer. It is basically the process of consolidating existing debts into a single new loan portfolio. This will entail calculating the value of a new loan that will cover all existing debts, so that you can come up with a simpler plan of paying only one new loan. This will give you peace of mind, if it is successfully calculated and implemented.


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