ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, conducted a recent survey asking readers, "Should Christians get home equity loans?" Out of 168 participants, 92 answered "yes" to the survey question. Many Believers seem to agree that it should be done for the right reasons and that caution should be used. One participant said, "The Bible says to owe no man anything, but love, but I believe that if you are borrowing to consolidate debt with a definite payout period or to do some renovations to your home, you must be careful to be certain that the debt is paid since your home is at risk." (http://www.christianet.com/homeequityloans/)
Thirteen readers answered "no" to the survey question because many felt that it isn't good stewardship and can lead to greater debt. Debt reduction strategy is possible with home equity loans but the borrower must try to change spending habits to avoid future financial problems. This group of Believers conveyed concerns for becoming deeper in debt, calling it bad stewardship, resulting in worry and depression. However in some cases, borrowing equity from one's home to pay off mounting credit card debt can be a blessing. The child of God, who does so, needs to be set in their mind to change spending habits, by paying off existing debts.
Sixty-three Believers were unsure about using a loan for debt reduction strategy. One reader said, "I don't know. I know that we are to be lenders and not borrowers, but many are still learning those principles. I'd have to ask myself am I living beyond what God would have me do, etc. due to my lack of seeking and holding Him dear before worldly things?" Many participants with this group seem to have an overall consensus that it depends on the circumstances surrounding the loan.
President, Bill Cooper, with ChristiaNet offers some good advice, "Do some research on various types of home equity loans and find the best interest rate and terms before applying for one." Christians who agree that this may be a good alternative for a debt reduction strategy also agree that Biblical principles should be used to help avoid future financial pitfalls. Seek God first and foremost. For more information, visit: http://www.christianet.com/articles/
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