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Christian Debt Answers

Has anyone used a Christian debt consolidation solution program? I would like to hear what other Christians who have been in debt themselves and what did to pull themselves out of it.

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 ---Crystal on 11/2/10
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In the case of financial hardships, the IRS and/or State tax departments will forgive some tax debts.

If you find yourself in one of these situations, contact them and explain things.
---Sag on 11/9/10


Do you have any other questions about debt consolidation companies that have not already been answered?
---Jimbo on 11/9/10


I would consider this type of a company only if I could not figure out how to stop spending more than I make.
---Stan on 11/9/10


Even more important than considering a debt consolidation company is to stop spending more than you earn. Then apply the savings toward paying off your existing debt.
---Jim on 11/2/10

I just read in a newspaper that the Federal government needs to borrow MORE, but there is a problem.

The law currently permits the Federal government to borrow up to $15 TRILLION or so. Congress needs to "act fast" and INCREASE the legally permitted debt amount. Or, the USA could end up defaulting on it's astronomical amount of debt. Which would trigger financial chaos around the world.

When will the USA learn to STOP spending so much? And likewise, STOP borrowing too?
---Sag on 11/6/10


Crystal have the responds listed here helped to answer your question about debt consolidation or?
---Jim on 11/3/10




There are some debts that CAN'T be eliminated because they are "too old" to collect. I'm not sure if they can be eliminated in "bankruptcy" either. Examples:

Student Loans
Federal Taxes
State Taxes

Because these debts HAVE to be re-paid, some people will be paying on them for a long time. Some won't even be able to pay their debts off in their lifetime. Unbelievable? It's true!

This is particularly of concern to students. At many schools, students are borrowing more money than ever. Their job prospects aren't very good these days. I don't think that many of these schools are worth what it costs to attend.

The BEST solution is to "avoid" debts.
---Sag on 11/2/10


Even more important than considering a debt consolidation company is to stop spending more than you earn. Then apply the savings toward paying off your existing debt.
---Jim on 11/2/10


"I don't use credit cards at all now. Offers for those hit the trash can IMMEDIATELY. Save up for store purchases instead." (The Sag)

This is very good advice. If you are not responsible enough to owe a credit card or credit cards, then you should never apply for one.

If one is in credit card debts, it is best to either pay the debt (make a payment plan with the debt collecter) or declare bankruptcy, and don't rely on these companies.

In IC.XC.,
---Ignatius on 11/2/10


Like other people who have been through a divorce, I found myself "financially crushed" in the outcome. Division of debts and assets, child custody and support obligations, etc.

Some debts become "too old" to collect, or become "uncollectable" after a certain amount of time. That "time" varies for each State.

Do a Google search on: "Statute Of Limitations" Debts.

I'm sure that most of us would like to repay our debts IN FULL. However, there are often circumstances, which are beyond our control, which get us into debt. Things like: medical expenses, divorce, etc.

This is why the USA allows debts to become "uncollectable" after a certain amount of time.
---Augie on 11/2/10


I tried utilizing one of these outfits. Not sure if they were "Christian" or Not.

It seems that they collect your money, pay off your creditors a bit, keep some goofy fees, and inform the IRS about the AMOUNT they saved you. Sounds reasonable, right?

Well, my experience was that the AMOUNT you were SAVED is still the AMOUNT that you owe later on. To the IRS at "tax time" or to some debt collection agency.

Better to just "pay off your credit cards" if you can. Or, just file bankruptcy and be done. And don't go into debt again!

I don't use credit cards at all now. Offers for those hit the trash can IMMEDIATELY. Save up for store purchases instead.
---Sag on 11/2/10




Crystal, I've never used a debt consolidation company but I did date someone who operated one. They are thieves.

They take a percentage of money from you up front. They tell you that they will save you a percentage of what you owe and you are to pay them that up front, and then they don't do anything with that money except keep it. This man I met had a wad of money in an envelope when he came to see me and said it was from his debt consolidation company. These companies are rip-offs. Borrow the money from a bank or pay payments on your debts, the Fed'l government is looking into these companies now for fraud.
---Donna5535 on 11/2/10


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