London, England - Attend any church service in the western world and chances are that prayers will be said for those suffering drought, famine, disease or abuse.
Debt can now be added to that list, for the Church of England has launched an unprecedented campaign of practical and spiritual help for those living with debt. Its “Matter of Life and Debt” initiative features verses from the Bible and specially penned prayers to try and give hope to those trapped in a circle of over-indebtedness.
The project comes at a time when 18 percent of British adults have 10,000 pounds or more of unsecured debt, according to charity Credit Action, and indications mount that 2008 is going to be a tough year for consumers. Insolvency experts are predicting that personal bankruptcy will hit another record this year, as the fallout from the credit crunch — the end of easy credit and prospect of higher mortgage costs for many — coupled with a depressed housing market, overindulgence on credit cards over the festive period and higher fuel prices hit people’s pockets.
These factors could see a growing number of people fall foul of the Church of England’s 10-point post-Christmas debt checklist. Those for whom three or more of these warning signs are applicable might be on the verge of “encountering serious debt issues”, says John Preston, the Church’s national stewardship and resources officer, who compiled the list.
It includes:
* You need to get an extra credit card or to increase the spending limit on your current credit cards;
* You tried to get a higher credit limit on your cards recently, and have had your application turned down;
* You will only be able to pay the minimum on your credit cards this month;
* You will need to use one credit card to pay off another card;
* You can’t face adding up your total debt, because it scares you.
The project is a stark sign of how serious an issue debt has become. The Church does, however, attempt to offer hope: whatever dire straits anyone is in, it says, there is always a way to escape bad debt.
Once the shackles of debt have been shaken off, take a leaf out of the book of Romans: “Let no debt remain outstanding, except the continuing debt to love one another” (13:8).