Christians urged: 'Break free of debt before government cuts'
There's been a call for Christians to break free of debt, ahead of Government spending cuts next year.
The Association of Christian Financial Advisers (ACFA) is urging clients to put their finances in order, because of uncertain days ahead.
'We have never been where we are today,’ Mark Lloydbottom of Crown Financial Ministries UK told the ACFA annual conference. ‘Who knows what will happen in January when the government cuts kick in? I don’t think anyone will be excluded from the impact.
‘The Bible teaches us that the borrower is a slave to the lender,’ he added. ‘At the end of this first decade of the millennium there is apprehension, fear and uncertainty of what the future holds. The one thing that is for certain is that we must look at our finances and balance the demand for spending today and saving for tomorrow.’
Financial consultants at the conference heard several examples of debtors being driven to suicide because they could not pay back what they owed.
‘Debt is like nuclear power - if used in the wrong way it can explode, with tragic consequences,’ said ACFA chairman Aidan Vaughan. ‘Be very careful about taking on new debt.
‘Look at your existing debt – see how that can be restructured. And if it looks as though debt will give you real problems, then go to a Christian financial adviser who will be able to help you.’
The good news is that there are signs that the message is getting through. Net consumer credit – which includes overdrafts, personal loans and credit card borrowing – is falling, down by £120m in October - the biggest drop since November 2009.
‘I’m pleased to see that people are paying off their debt and saving money,’ said conference keynote speaker Mark Lloydbottom. ‘Our culture is beginning to think about debt and overspending and is starting to respond. People are eager to know what a debt-free day can look like.’’
ACFA chairman Aidan Vaughan summed up the advice of the conference: ‘The real message to us as a nation and as consumers is spend less and save more – and think about our priorities.’
ACFA is the UK network of Christian financial advisers and related professionals. It aims to be the voice of Christian financial advice and champions best practice in the UK. The ACFA website offers links to Christian financial advisers across the UK.
If you are struggling with debt, Christians Against Poverty can help and there are several centres in Northern Ireland. Visit their website here.