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Tuesday, March 9, 2010
Bible-based programs for the debt-ridden surge in popularity
Christian debt-elimination programs, which use Old and New Testament passages as a framework to encourage financial responsibility, are surging in popularity, with seminars offered at churches across the United States.
Alcorn said the average family that completes the program pays off $5,300 in debt and saves $2,700 within three months.
This promise of a debt-free future is especially appealing during the recession, a "wake-up call" to Americans who pursued the dream of limitless prosperity, said Arthur Ally, president of the National Association of Christian Financial Consultants.
"We are getting people to reassess the direction they've been going in," said Ally, founder of The Timothy Plan, a group of funds that screens for conservative Christian values. The plan has about $500 million in assets and 40,000 shareholders.
For Christians seeking a religious basis for a new financial direction, the Bible has proven a rich resource.