FAQs - Frequently Asked Questions

What is unsecured debt?

Unsecured debt is when a creditor holds no collateral, for example: credit cards, unsecured personal loans, medical bills, student loans, taxes, charged-off accounts, and collection agencies. No form of collateral, such as a home or car, was utilized to secure the "loan" for services rendered or goods received. Secured loans such as a mortgage or car loans cannot be consolidated.

How does Christian Financial Services differ from declaring bankruptcy?

Credit counseling is a process to help people in debt regain control of their finances. Many people choose credit counseling as an alternative whether they have good credit or bad credit. A Debt Management Plan provided by Christian Financial Services is voluntary.

In contrast, when you file for Chapter 13 bankruptcy, it becomes public record. Such a step has serious and long-term drawbacks, which may negatively affect your life for decades. You may also have difficulty obtaining credit in the future.

What is a Debt Management Plan?

A program designed to assist consumers in paying outstanding debt, avoiding bankruptcy and minimizing legal and debt problems.

If I partner with Christian Financial Services, how will it affect my credit?

If you are delinquent on your accounts now, we can get your creditors to re-age your accounts and show them current. If you pay your bills on time, but have too much credit, and you are not getting ahead by making minimum payments, by reducing your debt to income ratio, you will improve your credit.

How long will it take to pay off my debts?

Debt repayment varies greatly from client to client. It depends on the total amount of debt that you have and the terms being offered by your specific creditors. However, our clients are often able to pay back their debt in 3 to 7 years.

Should I get a loan instead?

NO. Our specialists always say that loans are what got you into trouble in the first place. Why? Most unsecured loans have high interest , and if you get a home equity loan, you are now securing your credit cards with your home.

Do I have to put all my credit cards on the program?

NO. The choice is up to you which debt you include in our program. In fact, many people choose to keep one credit card for travel or emergency purposes. You can always add additional credit cards later.

Is the information I give my counselor confidential?

All information you give Christian Financial Services is strictly confidential. See our Privacy Policy.

Will I still receive harassing phone calls?

It might be possible in the first several months, since it takes time for your creditor's collections department to find out you're on a DMP program with our agency. If you get a harassing call, inform the creditor to contact us.

Proverbs 3:9-10

"Honor the Lord with your wealth, with the first fruits of your crops; then your barns will be filled to overflowing, and your vats will brim over with new wine."

Deuteronomy 28:12

"The Lord will open the heavens, the storehouse of his bounty, to send rain on your land in season and to bless all the work of your hands. You will lend to many nations but will borrow from none."