Podcast Episode Details

New Year, New Hope for Paying Down Debt with Neile Simon

Episode 559

At this time of year, many people hate going to the mailbox or checking their email. That’s because the Christmas bills are starting to roll in.

Yes, the holidays are behind us, but for many people, burgeoning credit card balances are just ahead. If you think you’ll have trouble making those payments, Neile Simon is here with a plan to help you get out of debt.

Neile Simon is a Certified Credit Counselor with Christian Credit Counselors (CCC), an underwriter of Faith & Finance.

The Growing Problem of Credit Card Debt

Credit card debt has surpassed $1.16 trillion, marking a 50% increase in just three and a half years. By 2024, the average credit card debt for individuals carrying unpaid balances reached $7,200. Rising costs due to inflation have pushed many to rely on credit cards just to get by.

This growing burden isn’t just financial—it also creates fear, anxiety, and helplessness. These feelings do not come from God. Recognizing the seriousness of the situation is the first step toward finding freedom from debt.

Do You Need Credit Counseling?

If you’re struggling with credit card debt, it’s essential to ask for help. Neely recommends reaching out for credit counseling if:

• You have an unpaid balance of more than $4,000.
• You’re struggling to keep up with minimum payments.
• You feel stuck, making payments with little progress.
• Debt is causing you stress or sleepless nights.

Christian Credit Counselors can provide guidance and support to help you regain control of your finances.

Why Choose Debt Management Over Debt Settlement?

Christian Credit Counselors take a debt management approach, which differs significantly from debt settlement or consolidation. Here’s how it works:

• Pre-Negotiated Terms: They work with creditors to lower your interest rates (ranging from 1–12% APR) and monthly payments.
• Debt Snowball Method: Payments are structured to help you get out of debt up to 80% faster, all while honoring your debt in full.
• Customizable Enrollment: You can choose which accounts to enroll in, and the accounts included will be closed during the program.
• Free Budgeting Support: Counselors help you create a budget, identify areas to cut back, and understand your disposable income.

This approach focuses on integrity and honoring your commitments while providing a clear path to financial freedom.

The Biblical Foundation for Debt Management

Managing debt isn’t just about financial freedom—it’s also a way to honor God. Neely emphasizes the importance of aligning debt repayment with biblical values. Romans 13:7-8 encourages believers:

“Give to everyone what you owe them … Let no debt remain outstanding, except the continuing debt to love one another.”

Through debt management, Christians can fulfill their financial responsibilities, honor their commitments, and live generously, reflecting God’s principles.

Take the First Step Toward Free

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Published on 11 months, 3 weeks ago