A debt consolidation loan is a loan that is borrowed for the purpose of repaying other debts. By consolidating your debts, you can often reduce the interest you are paying, and get your debts paid off faster.Sounds great, right? But should a Christian get a debt consolidation loan?There are two competing schools of thought. On the one hand are those that say that a Christian should manage their money wisely. They should never incur a lot of credit card debt, and therefore they will never have a need to get a debt consolidation loan. These people believe that, for a Christian, a debt consolidation loan is just like admitting to financial failure.On the other side of the argument are those that say a debt consolidation loan is not morally wrong. In fact, it may be a great way to help rebuild your finances and manage your money responsibly, which is the goal of every Christian.Who is correct?The answer lies somewhere in the middle. The real issue is not whether or not you should get a debt consolidation loan, but rather why you need one in the first place.If you have mis-managed your money, and have run up huge credit card bills with reckless spending, then a debt consolidation loan will probably only be a Band-Aid on a huge wound. A better first step would be to make a budget, get your spending under control, and then once your are financially balanced decide if a debt consolidation loan is the correct solution.On the other hand, if you debts were the result of job loss, high medical expenses, or perhaps time off work to care for a family member, your spending is probably already under control, and a debt consolidation loan may in fact be the correct answer to your debt problems.Every situation is different, so start by getting your spending under control, and then decide if as a Christian a debt consolidation loan is right for you.
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