This article was written by Maria Bush and edited by John Frainee. If you would like to write for The Christian Dollar, start here!
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If you are buried under a lot of debt and don’t know what to do you might be thinking: “how do I get someone to pay off my debt”. You must realize that only in rare cases will someone come up to help you pay your debt; in most cases you will have to pay it off yourself.
Here are two situations where others might pay off your debt:
1. Family members might offer to help: Family members are who we fall back on in times of need. In the same way when you are surrounded with debt problems you can find family members who are wiling to help you out. Explain to them your situation; they might just be willing to pay your debt, if not in full, then partly. This reduces your debt burden greatly. Remember, this is a last resort!
2. Negotiate with creditors: Sometimes all it takes to reduce your debt is a simple phone call to your creditors. You may be successful in getting a part of your debt forgiven or interest on your debt lowered. Be nice when you speak to them, remember you are at the receiving end and can not be very demanding. Explain your difficulties to your creditors and ask them for help. You may be surprised to see that in most cases they will be ready to help you. This is because it is better for your creditor to negotiate with you and get paid low, rather than not getting paid at all, in case you file for bankruptcy.
Always remember that these two ways cannot be completely relied on, you may get help or you may not. Ultimately, your debt is only yours and no body else’s problem. So do not go on increasing your debt thinking that someone else will pay it off for you. It doesn’t always happen like that, so don’t count on it!
! John wrote two articles for the book: "Budgeting for Groceries" and "How Grocery Stores Work."
{ 2 comments… read them below or add one }
A comment on #2, as a Christian you should pay off your principle so mainly you are negotiating the interest or fees that has accrued first. Verses that back this up:
Psalm 37:21
Ecclesiastes 5:4-5
It is important to remember that with #2, other people are paying your debt, not the company. This is why I don’t like things like bankruptcy or charge-offs – because ultimately, someone will have to pay for it.