Coronavirus Response

  • Home
  • A-Z List
  • About
    • About the NCC
    • Connectional Table
    • Staff
  • Calendar
    • Events
    • Google Calendar
    • Past Events
  • Churches
  • Contact
    • Find Us
  • Districts
    • District Office
    • Beacon
    • Capital
    • Corridor
    • Fairway
    • Gateway
    • Harbor
    • Heritage
    • Sound
  • Employment
  • Search

NC Conference

Healthy Congregations and Effective Leaders in Every Place Making Disciples of Jesus Christ for the Transformation of the World

  • Discipleship
    Developing Disciples
    • Christian Formation
      • Children
      • Church & Society
      • College
      • Differently Abled Persons
      • Educational Ministries
      • Older Adults
      • Status & Role of Women
      • Young Adults
      • Youth
    • Church Revitalization
      • Coaching
      • Disciple Making Way
      • Evangelism
      • Grants
      • MissionInsite
      • Real Discipleship Survey
      • Shift
      • Spiritual Life
    • From the Bishop
      • Bishop’s Bookshelf
      • Bishop’s Sermons
      • Church Transformation
      • Conflict Transformation
      • Connections
      • Discipleship & Learning Plan
    • Multicultural
      • Asian
      • Hispanic/Latino
      • Native American
      • Strengthening the Black Church
    • Stewardship
      • Apportionments
      • District Remittances
      • Financial Discipleship
      • Grants
      • Insurance
      • Mission & Service
      • Pension
      • Treasurer Training
  • Leadership
    Strengthening Leaders
    • Bishop’s Office
      • Appointment Book
      • Bishop’s Sermons
      • Church Transformation
      • Conflict Transformation
      • Connections
      • Discipleship & Learning Plan
    • Ministerial Relations
      • Board of Ordained Ministry
      • Called to Ministry?
      • Extension Ministries
    • Board of Laity
      • Certified Lay Minister
      • Lay Servant Ministries
      • United Methodist Men
      • United Methodist Women
      • United Methodist Youth
    • New Faith Comm.
      • Called to Plant?
      • New Room Society
      • Our Communities
    • Conference Offices
      • Center for Leadership Excellence
      • Christian Formation
      • Communications
      • Conference Secretary
      • Connectional Ministries
      • Information Technology
      • Multicultural Ministries
      • Outreach Ministry
      • Treasurer’s Office
  • Service
    Ministering To The World
    • Local Outreach
      • Church Construction
      • Church Loans
      • Restorative Justice and Mercy
      • Disciple Bible Outreach
      • NCC UMVIM
      • Seed Funds
      • Mission Projects
        • Health Ministry
    • Global Outreach
      • Imagine No Malaria
      • Love for Liberia
      • Missionaries
      • Project AGAPE
      • Sierra Leone: Mission of Hope
      • ZOE
    • Disaster Ministries
      • Donate to Storm Response
      • Hurricane Florence
      • MERCI
      • Response Plan
      • Response Team
      • UMCOR Kits
    • Giving
      • Advance/Rainbow Covenant
      • Apportionments
      • Give to Storm Response
      • Mission & Service
      • The Gary Wayne Locklear Mission Endowment
      • New Room Society
      • Special Sundays
    • Ministry Partners
      • Camps & Retreats
      • Partners In Ministry
      • Robeson Co. Church & CC
      • UMF
  • Resources
    Supporting Ministry
    • Conferences
      • Annual Conference 2019
      • Annual Conference 2020
      • Charge Conference 2020
      • General Conference
      • Pilgrimage
      • SEJ Conference 2016
    • Media Center
      • Catalog
      • Labyrinth
      • Ministry Tools
      • Online Resources
      • Weekly Newsletter
    • Online Resources
      • Archives & History
      • Church Lookup
      • Online Data Collection
      • Online Learning
      • Pastor Lookup
      • Podcasts (NCCUMC.FM)
      • Ramus: Web Hosting
      • Video (Vimeo)
    • Publications
      • Advent 2020
      • Appointment Book
      • Bible Study
      • Conference Directory
      • Conference Journal
      • Every Day Grace
      • Lenten Reflections
      • Mission & Service
    • From UMC.org
      • Agencies
      • Communications
      • Discipleship
      • Finance & Administration
      • Global Ministries
      • Graphics Library
      • Relief
      • Status & Role of Women
  • Treasurer’s Office
    • Contact Us
  • Committees
    • Meeting Materials
      • Board of Pension
      • Board of Trustees
      • Council on Finance and Administration
      • Equitable Compensation Commission
      • Insurance Committee
      • Joint Committee on Clergy Medical Leave
      • Nominations Committee
      • Connectional Table
    • Nominations
  • Downloads
    • Church Remittances
    • Compensation
    • EFT Forms
    • Insurance
    • Moving Expense
    • Pension
    • Statistical Tables
    • Tax Law
    • Travel
  • Insurance
    • Amazing Pace Program
      • Success Stories
    • Rates
    • Retiree Health
    • Wellness Programs
  • Pension
    • Transition Fund
    • Pension FAQ
  • Reports
    • District Remittances
    • Historical District Remittances
  • Resources
    • Church Audit Referrals
      • Gary Lanvermeier, CPA
      • Langdon & Company, LLP
      • Sandy Newell, CPA, Partner – BRC
      • Thomas, Judy and Tucker, P.A.
    • Clergy Tax Referrals
      • Ada Douglas: Ada’s Bookkeeping & Tax Service
      • Barton W. Baldwin: Baldwin & Hodge, CPAs
      • Cox and Hamilton, CPA, PA
      • Crawford Knott: Holden Moss, CPAs
      • Dianne Uzzell: Nunn, Brashear & Company, P.A.
      • Frank A. Elmore, CPA, P.A.
      • Fred Roberson: Roberson CPA Firm, PLLC
      • Henry White: Stancil & Company, CPAs
      • Joan Lucas: JL Accounting Services
      • Lawrence A. Hamilton: Hughes Pittman & Gupton, LLP
      • Mark Friesen: Clergy Financial Resources
      • Patricia Rhodes: Stout, Stuart, McGowen and King LLP
      • Susan K. Foster: Clergy Tax Professionals
    • Discussion Group
    • FAQ
      • All FAQ
      • Apportionments
      • Benefits
      • Church Finances
      • Church Payments
      • General
      • Online Data Collection System
      • Taxes
    • Online Data Collection System
    • Training Materials
  • Stewardship
    • Christian Giving in Today’s Economy
    • Environmental Stewardship Basics
    • Faithful Giving Stewardship Services
  • Financial Wellness
    • Budgeting
    • Credit Management
    • Debt Management
    • Estate Planning
    • Funding College
    • Insurance
    • Investing
    • Retirement Planning
    • Saving
    • Financial Wellness Resources

Debt Management

Getting your debt under control is a step that will move your personal finances to a new level.  Whether your goal is to manage debt, eliminate debt, or both, the resources and tools below can help.

Step 1: Take Inventory of the Debt in Your Life

What is debt?  How did you get here?  It’s not likely that you accrued your debts overnight.  But today is a new day!  Start taking control by completing a Personal Asset and Debt Inventory.  This is simply making a list of your assets (the value of what you own) and a list of your debts (the value of what you owe).  Common examples are provided in this guide on calculating your net worth.  Evaluate your total debt as compared to your income by doing a simple calculation of your debt to income ratio.

Step 2: Devise a Debt Reduction Plan

Ready to make changes in the amount of debt in your life?  Change is hard.  Focus and discipline will get you there!  Take the debt listed on your inventory and number them in the order which you’ll focus on paying them off.  There are differing thoughts on what order to pay down debt.  It’s your personal choice on what works best for you.  But now you have a plan and that’s the best place to start!  The video below shows the Debt Snowball method in action.  The payoff concept applies to whichever way you’ve ordered your debts.

Step 3: Incur No New Debt

After all your hard work and sacrifice to get to this point, why would you go back into debt?  May seem like an easy question, but the answer could be difficult.  This step requires self-awareness and long-term commitment.   Know your personal habits and tendencies.  Some advisors recommend cutting up all your credit cards to guard against the risk of debt entering your life again.  Some advisors recommend using the tools at your disposal in a responsible way to manage your money and live comfortably within your means.  Each of us must weigh the advantages and disadvantages of credit cards*.  Put into practice any new habits that will align with your personal financial goals.

Additional Resources:

Having trouble with debt collectors?  Check out our Credit topic for more information.
Clergy looking for assistance in repaying their seminary debt can apply for funds from the Ministerial Relations Office.
Debt Consolidation* is a common consideration.
Ernst & Young Financial Planners are available to clergy and lay participants of the Wespath pension plans.  They provide free, confidential, unlimited advice on a wide variety of personal finance topics, including debt management.

*Resource: EY Financial Planning Center

Links

  • NC Conference Media Center Financial Wellness Resources
  • NC Conference Financial Discipleship Ministry Team
  • NC Conference Insurance Benefits
  • NC Conference Pension Benefits
  • United Methodist Foundation, Inc.
  • EY Financial Planning Website
  • Lewis Center for Church Leadership Clergy Personal Finance Resources

NC Conference of The United Methodist Church · 700 Waterfield Ridge Place · Garner, NC 27529
Phone: 919.779.6115 · Toll-free: 800.849.4433 · Fax: 919.773.2308

Copyright © 2021 · Privacy Policy · Powered by WordPress · Site Admin