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 Freedom

If you’re ready to explore debt management, Christian Credit Counselors offers free consultations with no obligation. Their goal is to educate you on your options and help you achieve financial well-being while staying true to your faith.

Visit ChristianCreditCounselors.org or call 800-557-1985 to learn more.

Managing debt wisely allows us to honor God and live a life of generosity and service to others. Take the step today toward financial freedom and faithful stewardship.

On Today’s Program, Rob Answers Listener Questions:

• I currently have a 401(k) and a Roth IRA. I'm wondering if I should be investing in both or if I should just focus on one. What's the best approach here?
• I have an 18-year-old granddaughter with about $16,000 in a custodial account at Edward Jones. When she turns 18 in May, she'll have complete control over this money. I don't know if she knows about it yet. What would be the best way to handle this? Should I take the money out and put it in a high-yield savings account? Or could I put it into a Roth IRA for her?
• My husband and I own a small business and are 71 years old. We have $23,000 in high-interest credit card debt from the business. We recently paid off a home equity line of credit. Would it be better to transfer that debt to the home equity line with a lower interest rate? Is mixing business and personal debt a good idea? I also haven't paid business taxes yet for this year, so I would like to know if keeping the Visa debt separate as a business expense is better for tax purposes.
• When withdrawing from my brokerage investment account, how should I calculate the cost basis of the investments I'm selling? I know there are different methods, like last-in and first-out, but I'm unsure which is the most appropriate. I have a CPA but haven't discussed this with them yet. What would you recommend I do?

Resources Mentioned:

• Faithful Steward: FaithFi’s New Quarterly Publication
• Christian Credit Counselors
• Open Hands Finance
• Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety
• Rich Toward God: A Study on the Parable of the Rich Fool
• Find a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)
• FaithFi App

Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources.

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