Southern Pastor Works to Deliver His Flock From Credit-Card Debt

The Wall Street Journal ^ | Wednesday, June 12, 2002 | ELLEN GRAHAM

[TroutStalker]

NORFOLK, Va. -- Carl and Janice Beaver went to church one night recently owing $10,500 on a slew of credit cards. When they walked out two hours later, they were debt-free.

Now all they owe is gratitude to their brethren at Mount Carmel Baptist Church. About once a month the church holds a "debt liquidation revival," a foot-stomping, hand-clapping outpouring of music and financial generosity aimed at lifting members out of credit-card debt. How generous? The Beavers are the 56th family to have been "delivered" from debt since the revivals began about a year ago.

[Judith Anne]

OUTSTANDING! Great post!

[TroutStalker]

"you can't serve your Master and MasterCard at the same time."

[DB]

That's pretty cool.

Being a slave to credit card dept is awful. I wish it upon no one.

[Judith Anne]

Yep! The pastor has it right. ;-D

[anniegetyourgun]

It's a wonderful display of grace - one to another, and from the hand of God.

Now, if His people would seek His face more and His hand less.....

Now, if pastors across the country would strike at the root of all that enslaves.....

[Skooz]

If they extend this to student loan debt, I will move to "a vaguely seedy section of downtown Norfolk."

[KentuckyWoman]

Outstanding post!! It's nice to see some good news for a change. I just sent this to Dave Ramsey who does a radio show called "the Money Game". This is EXACTLY what he teaches all the time!

[What Is Ain't]

Inspiring post. Hope the newly debt free stick with it.

[Incorrigible]

Gee.  Why doesn't he just ask the government like us?

[twigs]

Credit card debt IS an evil. But why should other people pay for someone else's sin? I would think that the discipline required to get out of debt would go a long way toward teaching people to STAY out of debt. The people of this congregation are not wealthy. I just don't understand why some should pay for the others. Sounds like they are setting up a mentality that if people spend unwisely, someone else will bail them out. Next time it may be Uncle Sam.

[AppyPappy]

My spidey senses are tingling

[TroutStalker]

Those newly freed from debt must attend a seminar on staying solvent. Then the pastor meets with them periodically to see where they stand. So far, he says, there have been no backsliders. "Once you get that weight off your shoulders, you never want to go back," says Mr. Beaver.

This is a faith-based program with no government involved. The people participate voluntarily in a program that helps them get debt relief that would be almost impossible at 20% interest rates. I would compare it to the Amish model of lending to community members at no interest, in the best interests of the community.

[TroutStalker]

???

[Contra]

I'm sure this will solve all of their problems and they will never get into that kind of debt trouble ever again.

[AppyPappy]

It sounds fishy

[twigs]

It still sounds to me like someone else is paying off another person's foolishness. I understand the idea behind this. However, I still don't think it's a good idea. My step-son is several thousand dollars in debt and I wouldn't pay him out of it if I was a millionaire. He needs to learn that discipline for himself. Sounds to me like good intentions run awry.

[GovernmentShrinker]

Interesting how car loans are seen as appropriate, even though unlike houses, cars are worth only a tiny fraction of their purchase price by the time they're paid off. This seems to be a widespread view in the U.S., even among people who obviously can't afford it. Financing is generally only available on cars which are 5 years old or less, and when such a car is financed, the annual cost of the collision insurance required by the lender is often as much or more than the cash price of an older but perfectly functional car.

I've paid cash for all the cars I've ever owned (generally about 8 years old at the time of purchase), and have never carried collision insurance. Over an adult lifetime, the savings in interest and insurance premiums, plus the compounded interest on those savings when they are invested instead of spent, adds up to well over a million dollars. If a million dollars missing from your retirement savings won't cramp your style, then by all means go ahead and buy a car on credit, but otherwise you've got to be nuts to do it.

[stainlessbanner]

Excellent Post! There is nothing that makes me happier than seeing people delivered from a mountain of debt. I dropped the remainder of my MBNA balance to those crooks today - what a joyous day! Credit card companies really are the devil at work.

TS - your comment reminds me of that old song "You Gotta Serve Somebody"...Well, I no longer serve the cc companies, just my Lord. Thanks for sharing this article - I would love to visit this church.

[stainlessbanner]

New church for you...