Christians and Credit Card Debt Discomfort

When one looks at the history of interest and the Church, as well as the way that the average credit card company does business today, it's no wonder that many Christians feel a sense of discomfort with credit card debt. While the feeling of being in debt is uncomfortable for most, for Christians, there is the added aspect of knowing that worries about debt can sap spiritual energy and interfere with a firm focus on faith.

There are many in the regulatory world that are beginning to take a look at credit card interest rates, which can reach what many deem exorbitant levels. Senator Carl Levin is one of several public officials and politicians examining the practices of the major credit card companies. In December 2007, Levin was a prime participant in a Senate Subcommittee on Investigations hearing, titled Credit Card Practices: Unfair Interest Rate Increases.

Some of the topics discussed included interest rate hikes for consumers that did pay on time and were managing their debt in what, by standard means of assessment, was a responsible manner. Some even suffered retroactive interest rate increases that affected the balances they were already carrying. Interest rates increasing to 25%, even 30%, according to Levin, for responsible consumers was not an uncommon occurrence.

Such business practices make it even easier to get mired in a pit of debt and a feeling of hopelessness. The stress and hopelessness that can come with mounting debt can most certainly have a negative impact on the belief of a Christian and his ability to focus on his faith to the degree that he should. Perhaps that is, in part, why Scripture devoted so much discussion to interest and what the Church had in mind in its centuries long condemnation of the practice.

And, then, another aspect - for many faithful, participating in a wrong action, even if not actually committing the act, is a wrong. Thus, there are additional feelings of guilt associated with getting mired in credit card debt and soaring interest rates. After all, what is commonly done in the world is often not acceptable practice for Christians and Scripture does address that specific point.

It's not easy to live in a modern world and not get caught up in the way life is commonly lived. However, Christians struggling under the burden of excessive credit card debt should remember that, as for all other problems they encounter in day-to-day life, the word of God as set forth in the Bible, offers solutions. The essential promise of the New Testament holds the key.

Repenting of the error of one's ways and working towards resolving mistakes made is sure to resolve both spiritual concerns and those more worldly, material matters. Resolving credit card debt can be as simple as assembling all credit card associated paperwork - including the documentation of the credit card terms and all bills - and sitting down with all income information and making a household spending plan.

In some cases, the credit card debt situation can be a bit more complicated. However, there is still plenty that one can do to resolve matters. One of the most important things that can be done is to communicate with creditors. Many, particularly during these economically tumultuous times, are willing to negotiate, as getting back the principle of the loan, or even just a significant portion of it, is better than nothing at all. In some cases, a new repayment schedule can be negotiated, as well as a reduction, even elimination, of interest charges. Some consumers can even negotiate terms that allow them to repay an agreed upon cents on the dollar amount.

Other credit card debt situations are significantly more complex and outside resources may yield the best options. Credit counseling can be the right solution, and there are even Christian credit counselors that are able to help in the process of evaluation the over all debt situation and perform savvy, professional debt negotiation with creditors.

Sometimes, debt consolidation is the best option. Those using this option get a loan for the total amount of credit card debt, typically at a significantly lower interest rate than the credit card debt is carrying. Instead of making several monthly payments to various creditors, they use the loan to pay them all off, and make a single monthly payment to repay the debt consolidation loan. As with any financial agreement, the consumer should take great care to be sure to understand all terms and conditions before signing anything.

Action is the key to restoring both faith and finances. Allowing credit card debt to continue to increase unchecked and surrendering to the potentially overwhelming feelings of hopelessness and guilt will resolve nothing, serving only to cause further spiritual and material damage. However, once the initial efforts are made to revitalize faith and fiscal well-being, many are surprised at how quickly they are able to achieve their spiritual and financial goals, returning to the abundant life that their God has promised.