Credit Problems

[Anthony]

A brother posted a thread about his debt. problem, I gave him a few websites I thought would help get him out. We all face bad credit problems, some worse than others. If you may know of other websites that can help folks get out of debt. please post them.

FICO: http://ficoforums.myfico.com/fico/

Check out www.CreditBoards.com & http://www.creditboards.com/forums/

Read the success stories of many Americans that battled their way out of debt.
http://creditboards.com/forums/index.php?s=7e8982a04804cda8bd65c617...

Yours truly,
Anthony Smith

[Scott R. Newman]

Christians are in debt? Hmmmnnnnnn.........

[Anthony]

Your faith in God has nothing to do with your debt. brother.
There are churches, States, Cities, Towns, countries in debt.

Yours truly,
Anthony Smith

[Anthony]

This is from another website, I don't have a Church so I don't know how many Churches manage their debt.. I had to read up on it. I'm nor sure if these facts or correct maybe someone can give me more light on this matter. I do know their are a lot of churches that close because of debt.

Most common type of debt is a bank loan or line of credit, which applies to nearly six in ten churches [57 percent]. A third of churches in debt have a mortgage, one-fourth have a loan from their denomination, and one-eighth [12 percent] hold debt in the form of bonds. Of the four loan categories, mortgages have the largest average balance due and bonds have the smallest balance.

Church borrowing is common. More than eight in ten [84 percent] respondents said their church is, or has been, in debt. Currently, 54 percent of all churches report some form of debt, but this varies with church size. Only 32 percent of small churches annual budget up to $100,000 carry debt, compared to 69 percent of large churches (annual budget over $500,000.

The amount of money a church borrows also depends on the size of its budget. The median debt is equivalent to 64 percent of the annual budget. However, large churches typically have a loan balance of $1.1 million on a median budget of $957,000, resulting in a debt ratio of 115 percent. Compare that to medium size churches with just a 25 percent indebtedness ratio.

Does a high debt ratio mean that more of the annual budget goes to pay off loans?
From what I here this is not true, maybe someone would like to answer this.
Small churches with debt apply 16 percent of their average budget for loan repayment while large churches, with the highest debt ratio, commit an average of just 11 percent of their operating budget to debt retirement. Another study is needed to uncover the reasons for this unexpected result.

It seems to me, a bad economy is the time when members come back to the church or seek out God through the church, looking for salvation and some spiritual support. There are some that come back to the church for the wrong reasons, even though it's good their back in church, it seems like during hard times members come back looking for the church to help pay their bills.