Financial Resource

Where To Find Help With Debt

The type of help a person in debt needs usually depends on the severity of the problems he is facing. If the problem is the overuse of credit cards and the total debt is a few hundred dollars, usually the solution can be worked out by writing up a good plan, as I described previously. In that case what is needed is a commitment to avoid further debt and a budget to verify that commitment.

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If a consolidation loan is needed to help bring the monthly payments in line with the income, the help of a good volunteer counselor is beneficial. The danger of going deeper into debt is increased by the additional loan unless some monitoring takes place. That’s the primary role of the volunteer counselor: to be an objective observer and provide accountability.

As the problems intensify, the need for professional help arises. If the monthly payments exceed the available income and a reduced payment plan is required, then a counselor who will intercede is almost always a necessity. Often a well-trained volunteer counselor can help negotiate lesser payments or a moratorium on some payments until assets can be sold. But if a negotiated settlement cannot be reached, then additional help is required. This may be a professional credit counselor, an accountant, or an attorney.

Once the problems have reached the legal action stage, the need for outside counsel becomes mandatory. It is critical for a debtor to understand the rules of small claims courts or perhaps the bankruptcy court. That does not mean a debtor cannot handle any of those areas without professional help. With proper knowledge anyone can do so. I have seen many counselees plead their own cases in a small claims court action and several who were able to respond to a legal judgment notice properly. But they are the exceptions. Proverbs teaches us that a wise man seeks the counsel of others. “Without consultation, plans are frustrated, but with many counselors they succeed” (Proverbs 15:22). But another proverb tells us to weigh all counsel carefully. “The naive believes everything, but the prudent man considers his steps” (Proverbs 14:15).

Of great importance to a Christian is the admonition to avoid the direct counsel of the unsaved. That in no way implies that unsaved people can’t give good financial counsel. However, their counsel is lacking the most essential element: God’s Word. It has been my experience that most counsel from unsaved financial advisers is aimed at protecting the assets of their clients, and that is to be expected. But a Christian must focus on the rights of the other parties involved before his own. To do otherwise limits the ability of God to intercede on our behalf. Proverbs 3:5-6 says, “Trust in the Lord with all your heart, and do not lean on your own understanding. In all your ways acknowledge Him, and He will make your paths straight.”

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Tags: credit cards, debt, debt need, Help