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22 November 2010

‘BREAK FREE OF DEBT BEFORE GOVERNMENT CUTS’ – CHRISTIAN FINANCIAL ADVISORS CONFERENCE

There’s been a call for Christians to break free of slavery to debt, ahead of Government spending cuts next year.

The Association of Christian Financial Advisors (ACFA) is urging clients to put their finances in order, because of uncertain days ahead.

‘We have never been where we are today,’ Mark Lloydbottom of Crown Financial Ministries UK told the ACFA annual conference. ‘Who knows what will happen in January when the government cuts kick in? I don’t think anyone will be excluded from the impact.

‘The Bible teaches us that the borrower is a slave to the lender,’ he added. ‘At the end of this first decade of the millennium there is apprehension, fear and uncertainty of what the future holds. The one thing that is for certain is that we must look at our finances and balance the demand for spending today and saving for tomorrow.’

Financial consultants at the conference heard several examples of debtors being driven to suicide because they could not pay back what they owed.

‘Debt is like nuclear power – if used in the wrong way it can explode, with tragic consequences,’ said ACFA chairman Aidan Vaughan. ‘Be very careful about taking on new debt.

‘Look at your existing debt – see how that can be restructured. And if it looks as though debt will give you real problems, then go to a Christian financial advisor who will be able to help you.’

The good news is that there are signs that lessons are being learned. Net consumer credit – which includes overdrafts, personal loans and credit card borrowing – is falling, down by £120m in October - the biggest drop since November 2009.

‘I’m pleased to see that people are paying off their debt and saving money,’ said conference keynote speaker Mark Lloydbottom. ‘Our culture is beginning to think about debt and overspending and is starting to respond. People are eager to know what a debt-free day can look like.’

ACFA is the UK network of Christian financial advisers and related professionals. It aims to be the voice for Christian financial planning advice and champions best practice in the UK.

ACFA chairman Aidan Vaughan summed up the advice of the conference: ‘The real message to us as a nation and as consumers is spend less and save more – and think about our priorities.’

For more information:
Please contact press consultant Andrew Boyd on 01903 744993 or 07919 311993
or ACFA Chairman Aidan Vaughan on 020 78314711.