Posts Tagged 'loan'

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Do you want to get out of debt in the New Year?!

Originally posted on the Christian Post on January 6. To learn Biblical answers to your financial questions, you can #AskChuck @AskCrown your questions by clicking here. Questions used may be lightly edited for length or clarity. Dear Chuck, I read your column about making New Year’s resolutions, and I’ve made mine: Get out of debt. It’s not my first attempt, but I’m hopeful that this time I can do it. I wish I had a more creative tale of woe, but it’s basically the same old boy-goes-to-college, boy-gets-loans-and-credit-cards, boy-wants-out! How should I get started? Looking for a New Beginning   Dear New Beginning, Congratulations on deciding to take another run at getting out of debt. I will address the student loans and the credit cards alike. And yes, you can do this! The final chapter to your tale should be three steps to boy-pays-off-all-debt! Part I - boy-makes-a-plan Your story is important and is shared by many. In fact, a Pew ...

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Is your student loan stressing you out?

New college graduates are leaving school with an average of $37,000 in student loan debt and the impact can cause significant stress. Research from the 2016 Employee Financial Wellness Survey by Price Waterhouse Coopers indicates some significant impact to overall financial well being for workers who have student loan debtvs. those who don’t. Almost twice as many employees with student loan debt say they are stressed about their finances (81% to 46%), they use credit cards to pay for monthly necessities because they are unable to afford them otherwise (41% to 22%), and they find it difficult to meet their household expenses on time each month (65% to 35%). The same ratio of 2 to 1 say finances have been a distraction at work for those with student loan debt (50% to 23%). These are all great reasons to make a plan to pay off your student loan debt. To do so, set a goal. That means to determine how much extra you pay towards getting out of debt and over what period of time you will do this to ...

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I have four principles to follow if you have to borrow money.

Borrowing is not prohibited scripturally, but neither is it encouraged. It is always presented as a negative with many warnings about its danger and misuse. Here are fundamental Biblical principles related to borrowing. Avoid Borrowing Unless Absolutely Necessary: Borrowing should not be a way of life but the exception. Only if there is no other way to make provision for your need, should you borrow money. It is best to pay cash for all consumer purchases, cars, and routine expenses and to even pay for your home with cash if possible.  Luke 12:57-59 says: “As you are going with your adversary to the magistrate, try hard to be reconciled on the way, or your adversary may drag you off to the judge, and the judge turn you over to the officer, and the officer throw you into prison. I tell you, you will not get out until you have paid the last penny.” Avoid signing surety as a loan:  Surety is making yourself personally liable for a debt if there is a failure to pay. In o ...

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