There are many Bible Verses About Debt Cancellation. Debt cancellation which can as well be perceived as Debt Forgiveness is one of the most exciting experiences that a person can live. It works just as it literally means. It happens when a lender forgives part or some of your outstanding balance on a credit account or a loan. For sure this sounds too good to be true but it is the case. Debt forgiveness has helped so many people to escape thousands of dollars of debts. Indeed, it helped them to move away Scot-free. Such benefits are obtained through the debt forgiveness law. A debt forgiveness program has played a major role in relieving many people who were completely soaked in debts. For people who are soaked in debts, a debt forgiveness letter could be all that they need to keep a smile throughout the year.
We’ll surprise you by saying that there are many Bible verses about debt cancellation worth knowing. This might sound strange but it is the truth. And if you’ve ever desired to know them, then you are at the right place. We’ll reveal the most prominent Bible verses about debt cancellation worth knowing by every Christian. Coming from the Bible which we perceive as an authoritative guide to knowing and doing God’s will, this subject matter must be carefully studied. It is without doubt that God has something to say concerning debt forgiveness. Truth be told, it is not God’s will for us to be in debts. Indeed, God wants you to prosper and benefit from the good things which he created for his children. Despite this truth, the adversities of life usually lead us into debts. Even in debts, we can be sure that God has no forsaken us.
Bible Verses About Debt Cancellation
Debt forgiveness definition
Many people are likely questioning themselves what we mean by debt forgiveness. Others are asking questions like when did it begin? Do we still have debt cancellation programs today? Is it something new or something that has been in existence since? Can a person expect a debt cancellation letter from a lender these days? What is the debt cancellation law? And what is debt forgiveness tax? These are some of the questions which we shall answer before presenting the best Bible verses about debt forgiveness. We’ll start with debt forgiveness definition. In simple terms, debt forgiveness occurs when a lender cancels part or all of a person’s balance on a loan. It could also be cancellation on any other credit account. This makes the person completely free from the debt. In such conditions we talk of being debt free or experiencing debt freedom.
However, it is worth noting that unlike the past when a person could easily find a debt cancellation program, it is no longer the case today. By saying this, we do not mean that it is impossible to find a debt forgiveness program which can help you out. We are simply trying to say that debt cancellation programs are no longer many in number as it was the case in the past. Today’s world is full of many tricky programs which claim to ease your task of clearing off debt. Also note that legitimate debt cancellation programs are gradually dying out while fraudulent debt cancellation scams are rapidly growing. Such are in existence with claims to help you pay off your debts but in reality, they’re trying to make away with your hard earned cash. That’s why you must be careful and not allow them worsen your credit.
Main difference between debt forgiveness and debt settlement
Debt forgiveness is when a lender or creditor wipes away part or all of a person’s debt towards them. Such is very different from debt settlement. It mostly results from your qualification upon applying for a special program. This is a pretty nice option for someone looking for a way to get rid of their debt and experience debt freedom. Note that debt forgiveness does not negatively affect your credit score. It allows you maintain a good credit score. On the other hand, debt settlement has to do with negotiating with the creditor to pay a lower amount of debt than what you originally owed. Debt settlement is highly used for unsecured debts like the credit card debt. This option arises when a person is seriously struggling with debts and it is without doubt that it will negatively affect his/her credit card score.
Different types of debts forgiveness
Apart from Bankruptcy, there are a few ways to get your debts forgiven by the lenders. Such depend on the type of debt. There are many types of debts and we shall be looking at the main ones below.
Student loan forgiveness
Student loan forgiveness are programs which happen to be the last true way to get a creditor to forgive your debts without any consequences. Such apply only to the federal student loan debt. Note that programs offering student loan forgiveness are crafted in ways to make it very difficult for anyone to qualify. In most cases, they involve you to make your loan payments for a certain repayment period before the debt is cancelled or forgiven.
Mortgage debt forgiveness
The mortgage debt forgiveness came into existence to clear loads of debts due to housing crises. Unlike today, it was very popularly in the past and helped many people get out of mortgage debts. However, we currently have great ways to adjust or reduce your mortgage burden. Such ways vary depending on your financial level and the willingness of the lender to corporate with you.
Credit card debt settlement
Negotiating a credit card debt settlement could be the best choice for those who are soaked in heavy credit card debts. This will help you to pay off your debt and experience debt freedom. Always remember that debt settlement is different from debt forgiveness. Debt settlement unlike debt forgiveness has to do with negotiating with your creditor to pay less than what you actually owe them. If this negotiation turns out successful, it will boost payment time and will. Upon meeting an agreement, strategically come up with a debt management plan which will help you pay off the debt in time.
Best Bible Verses About Debt Cancellation
On the subject matter of debt cancellation, God has something to say. Get to know what God is saying by reading the following Bible verses about debt cancellation.
Deuteronomy 15:1 – “At the end of every seven years you shall grant a remission of debts.”
Matthew 6:12 – “And forgive us our debts, as we also have forgiven our debtors.”
Nehemiah 10:31 – “As for the peoples of the land who bring wares or any grain on the sabbath day to sell, we will not buy from them on the sabbath or a holy day; and we will forego the crops the seventh year and the exaction of every debt.”
Matthew 18:32 – “Then summoning him, his lord said to him, ‘You wicked slave, I forgave you all that debt because you pleaded with me.”
Luke 11:4 – “And forgive us our sins, For we ourselves also forgive everyone who is indebted to us. And lead us not into temptation.”
Colossians 2:14 – “having canceled out the certificate of debt consisting of decrees against us, which was hostile to us; and He has taken it out of the way, having nailed it to the cross.”
Ezekiel 18:17 – “if a man does not oppress anyone, but restores to the debtor his pledge, does not commit robbery, but gives his bread to the hungry and covers the naked with clothing,”
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